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Bitcoin slid below $90,000 on Friday, even as top crypto figures celebrated President Donald Trump’s move to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile through an executive order.

"History will enshrine the moment Donald Trump established the U.S. Strategic Bitcoin Reserve — a turning point in the financial and geopolitical landscape of the 21st century," said Strategy’s Michael Saylor.

Trump’s order confirmed that Bitcoin seized in criminal and civil cases would be held in a government-controlled reserve instead of being sold. Other confiscated digital assets would be stored in a separate stockpile, with decisions on potential sales left to the Treasury Department.

Brian Armstrong, CEO of Coinbase, praised the move, calling it “incredible execution from the Trump administration” and predicting that “many of the G20 will take notice, and eventually follow America’s leadership.”

Binance founder Changpeng Zhao (CZ) reacted with a lighthearted remark, tweeting, “One more hodler, the US,” while Tron’s Justin Sun declared, “Crypto in the U.S. is just getting started.”

However, Bitcoin fell over 4.5% following the announcement, dropping from its 24-hour high above $93,000. Meanwhile, major altcoins like XRP, Cardano (ADA), and Dogecoin (DOGE) plunged as much as 10% after Trump's plan excluded them from the Bitcoin reserve.

Some traders had hoped for broader inclusion of assets beyond Bitcoin, especially after Trump hinted at a "crypto strategic reserve" that could involve Solana (SOL), XRP, and ADA. But Commerce Secretary Howard Lutnick later clarified that Bitcoin would remain the primary focus.

The market downturn triggered over $550 million in liquidations, with most coming from Bitcoin-tracked futures.

Despite the dip, crypto executives remain optimistic. Bo Hines, Director of the President’s Council of Advisers on Digital Assets, called it a “historic moment,” while Bitcoin developer Adam Back, CEO of Blockstream called it a , “strategic bitcoin overton.”