Bitcoin failed to recover the $85,000 level, where it traded before President Donald Trump's announcement of a U.S. crypto reserve sent it soaring.

The prospect of using taxpayer money to stockpile cryptocurrencies in a national reserve has drawn criticism from lawmakers and investors.

While it’s not known exactly what form such a strategic reserve would take, nor whether the government would seek to buy crypto for the stockpile with taxpayer dollars — a move that would theoretically require approval from Congress — blockchain enthusiasts cheered the news.