Bitcoin swung wildly this week, falling $10,000 in hours before rebounding above $70,000 amid market speculation. The digital currency had dropped to $60,000, more than 50% down from its October 2025 peak of $126,000.
The rebound followed rumors that the Trump administration purchased bitcoin during the crash to add to the U.S. strategic reserve. CNBC host Jim Cramer mentioned on air that the White House could be “filling the bitcoin reserve” at $60,000 per coin.
Cramer’s clip quickly went viral, with social media posts racking up over 1.1 million views. Analysts and crypto commentators described the rumor as “wild,” “massive,” and “bullish” for bitcoin.
Despite the speculation, there has been no official confirmation that the U.S. government bought bitcoin. Officials have previously stated that any additions to the strategic reserve will be cost-neutral and will not use taxpayer funds.
Earlier this week, Treasury Secretary Scott Bessent told lawmakers the government cannot “bail out bitcoin” or order banks to invest U.S. tax dollars in cryptocurrency. He also confirmed that seized bitcoin holdings have increased in value, with $500 million turning into over $15 billion.
The recent bitcoin volatility occurred alongside broader sell-offs in stocks, gold, and silver. Democrats have framed the crash as evidence of potential flaws in the Trump administration’s crypto strategy, though the White House maintains its commitment to digital assets.
A White House spokesperson told Bloomberg that market swings will not alter the administration’s goal to support American leadership in cryptocurrency and advanced technologies.
