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Bitcoin is rebounding today, back up over $90,000 after President Donald Trump announced the creation of a strategic crypto reserve that will include Bitcoin, Ether, XRP, Solana's SOL, and Cardano's ADA. Joining me now on this, we've got Market Domination co-host, Josh Lipton. You've been all across this one, Josh.

So, Brad, it is welcome news for crypto fans. President Trump once again talking about his plan for a US strategic reserve of cryptocurrencies including, he now says, Bitcoin, Ether, and three other tokens. A US crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration. Trump saying on Truth Social, "I will make sure the US is the crypto capital of the world." Trump campaigned, of course, as a crypto ally and won over the industry with bold pledges, including this idea of a strategic crypto reserve. As our colleague, David Hollerith, does report out, it's still not clear how exactly this would work, but Trump can order the US government not to sell its stash of roughly tens of billions of dollars worth of Bitcoin it has acquired through criminal seizures and other forfeitures. If they are unclaimed, the government has acquired other crypto assets in a similar manner, though no one is quite sure how much in total it does hold. Congress would likely need to step in for further steps, like what Senator Cynthia Lummis proposes having the government actually buy more Bitcoin. Bitcoin did surge nearly 60% over the six weeks following Trump's win in November, eventually hit a record of more than 109,000 on January 20th, but the euphoria then faded and the slide started. Bitcoin is still off nearly 20% from that all-time high, though up around 15% from last week's low. The sell-off was due to different factors, broad macro uncertainty causing investors to avoid assets thought of as more risky, and that recent news of a $1.5 billion hack of crypto exchange Bybit. Still, Bitcoin bulls have been quick to argue on Yahoo! Finance that there are continued reasons for optimism.

If you go back and you look at the 2017 bull market or the 2021 bull market, historically, we see anywhere between 4 to 7 drawdowns of 30% or more. And so really what we're seeing is just what has always happened. Uh, Bitcoin is a volatile asset. That's what people are buying. It's buying volatility. So if you want Bitcoin to go up, you've got to be okay with it going down sometimes. And these kind of cooling off periods with these consolidations are very natural.

Now, analysts at Bernstein also recently weigh in, telling their clients that they see Bitcoin as possibly dropping as low as 70,000, but they emphasized that nothing fundamental has broken in their structural view of the current Bitcoin cycle. Bitcoin is yet to claim a cycle high, which we believe is closer to the 200,000 mark over the next 12 months, they said. And by the way, the Journal reports that Trump is expected to host and speak at the first ever White House crypto summit on Friday. Friday, so stay tuned for more possible headlines, Brad.

Josh, thanks so much. We're going to be tracking this very closely. We know you will be too.