As of March 6, the U.S. government treats Bitcoin as a sovereign reserve asset, akin to gold or foreign currencies. XRP, Solana, Cardano and Ethereum

Bitcoin tumbled below $79,000 on Monday, extending its Sunday decline as fears of a recession loom. The cryptocurrency sank about 5% over the past 24 hours, and was trading at around $78,527 midday, marking a more than 13% decline over the past five days.

The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.