The cryptocurrency market took a sharp downturn after former U.S. President Donald Trump announced his administration’s plan to establish a Bitcoin Strategic Reserve, excluding major tokens like XRP, Dogecoin (DOGE), and Cardano (ADA). The decision reversed bullish sentiment built on previous hints that Trump might include other digital assets in the government’s crypto stockpile.

XRP, DOGE, and ADA dropped as much as 9% within 24 hours, contributing to over $400 million in liquidations from leveraged crypto futures bets. The Bitcoin-centric reserve plan meant that non-BTC assets would only be considered if seized by the government, dampening expectations of significant institutional buying pressure on altcoins. The broader CoinDesk 20 index declined by 5%, while some smaller altcoins saw even steeper losses of up to 10%.

Earlier in the week, DOGE experienced a brief surge of 12% following asset manager Bitwise’s filing for a DOGE ETF. However, enthusiasm faded quickly after Trump’s reserve plans dismissed the token. Even Bitcoin, the focus of the strategic reserve, faced a 4.5% decline, slipping from a recent high of $93,000 to below $88,000.

Market participants now turn their attention to the upcoming White House Crypto Summit scheduled for March 7. Despite the event featuring key industry leaders and government officials, traders hold low expectations, given Trump’s lack of substantial commitments to broader crypto adoption. Some remain hopeful for unexpected announcements or policy shifts that could alleviate current bearish sentiment.