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WASHINGTON (Reuters) -U.S. President Donald Trump has signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government, disappointing some in the market who had hoped for a firm plan to buy new tokens. The announcement, made on Thursday ahead of a meeting with crypto executives at the White House later on Friday, sent the price of bitcoin down by around 5% to $85,000. A "Strategic Bitcoin Reserve" will be capitalized with bitcoin owned by the federal government that was seized as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X.

(Reuters) -Oil prices extended gains on Friday, buoyed by the Russian Deputy Prime Minister's suggestion that OPEC+ could reverse its output increase after April, but were still on track for a more than 3% weekly decline on concerns over U.S. tariff policies. Brent crude futures rose 99 cents, or 1.4%, to $70.45 a barrel by 1415 GMT. U.S. West Texas Intermediate futures were up 93 cents, also 1.4%, at $67.29.

Ripple CEO Brad Garlinghouse stands to benefit from the inclusion of the XRP token in a U.S. digital-asset stockpile.

The U.S. dollar dropped to multi-month lows against the euro and yen and fell versus most currencies on Friday after data showed the labor market in the world's largest economy slowed last month, creating fewer jobs than expected. The report suggested that the Federal Reserve remained on track to cut interest rates multiple times this year. U.S. rate futures on Friday priced in 78 basis points (bps) of easing this year following the nonfarm payrolls report, or about three rate cuts of 25 bps each, according to LSEG calculations.

President Trump is advancing policy and regulations by creating a "Strategic Bitcoin Reserve" aimed at making the U.S., the crypto capital of the world. Other cryptos may also play a role.

President Donald Trump signed an executive order Thursday establishing a government reserve of bitcoin, a key marker in the cryptocurrency's journey towards possible mainstream acceptance. Under Trump's new order, the U.S. government will retain the estimated 200,000 bitcoin it's already seized in criminal and civil proceedings, according to Trump's “crypto czar” David Sacks.

(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said it could be several months before there’s clarity on how President Donald Trump’s policies and other factors will affect the economy, suggesting officials could hold rates steady until at least late spring.Most Read from BloombergTrump Administration Plans to Eliminate Dozens of Housing OfficesNJ College to Merge With State School After Financial StressRepublican Mayor Braces for Tariffs: ‘We Didn’t Budget for This’How