Bitcoin rose earlier this week, but initial excitement from Trump’s strategic reserve plans was short-lived due to profit-taking amid the lack of concrete plans and a risk-off mood in broader equity markets.

Trump seems to have taken a page out of his real estate negotiations in pitching XRP, ADA and SOL as candidates for crypto reserve to win over approval for bitcoin.

Tom Lee sees bitcoin finishing the year at over $150,000 and attributes the current drawdown to cyclical behavior.

The company plans to use the raise to scale its balance sheet, expand its compliance and technology teams, and open new offices in key jurisdictions.

Trump is scheduled to hold the first Crypto Summit at the White House on Mar.7, where he is expected to share further plans on how crypto regulations and businesses will be supported in the country.

The Deribit-listed $100K strike call has seen the biggest jump in open interest in the past 24 hours.

Since the start of the year, bitcoin holdings bought on margin on Bitfinex have increased by over 13,000 BTC.

Overall crypto market capitalization fell 8% to $2.7 trillion, reversing all advances since Republican Donald Trump was elected U.S. president in early November.

In a worst case scenario, prices could slide to the $72,000–$74,000 range, one analyst said.

The move higher was in line with a CoinDesk analysis on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event indicated assets were likely oversold and could see relief in the short term.