A Lot for the Trump Pump.

After the costs of Bitcoin, Ethereum, and various other leading properties increased Sunday after Head Of State Donald Trump stated they

The price of Bitcoin fell on Monday morning, continuing a recent downturn that saw the cryptocurrency drop by 8% over the past 24 hours after the U.S. president's plans for a crypto reserve drove up prices over the weekend.

Bitcoin dropped from a high of around $94,000 earlier Monday to a current price of $87,300 as the prospect of Trump's trade tariffs and inflation fears heating up again saw some of the temporary hype around the U.S. administration making coins fizzle out. The leading cryptocurrency is now down 6% over the last 24 hours.

The cryptocurrency market is down $8 %$ over the past 24 hours after the price of Bitcoin, Ethereum, and several other top tokens decreased Sunday evening following an announcement from President Donald Trump that included plans for a U.S. crypto reserve.

The administration is now pivoting away from a threat to impose new tariffs on Canada and Mexico—set to begin Tuesday—after a last-minute reprieve that saw Trump threaten to close the border if no deal was reached by Monday morning.

Deeming that a final extension was unlikely, Trump decided not to follow through with the tariffs, which would have affected goods from the three countries, and instead announced plans for a U.S. crypto reserve to be funded by the military.

"The time has come for our nation to embrace the promise of cryptocurrency and secure our economic future," Trump wrote in a statement Sunday evening. "I am therefore announcing the creation of a U.S. crypto reserve, to be funded and maintained by the Department of Defense."

The statement came after a U.S. judge ruled that the administration could not immediately begin deporting undocumented immigrants who had been granted a stay of execution by the Supreme Court.

Trump also announced plans to impose tariffs on China, set to begin Wednesday.

"We will be placing a 10 percent tariff on all goods imported from China, other than those already subject to tariff, to be collected at the time of entry, beginning Wednesday, August 7," he wrote. "This measure is necessary to mitigate the substantial trade deficit we have with China and protect American jobs and businesses."

The president's statement also mentioned his administration's efforts to negotiate a trade deal with China, adding that he had "no doubt that we will reach a mutually beneficial agreement that will benefit both our countries and the global economy."

Earlier this year, Trump said he wasn't "a fan" of Bitcoin, but that he liked the cryptocurrency and had "mixed feelings."

The administration has also been critical of Facebook's plans for its own cryptocurrency, Libra, with Treasury Secretary Steven Mnuchin saying in June that the social-media giant's project posed "serious concerns."

"We will not allow private companies, like Facebook, to create their own currencies or monetary systems," Mnuchin said in a statement at the time. "Our administration has serious concerns about Libra, especially given the company's history of privacy violations and data breaches."

The administration is pivoting to crypto after a rocky few months for the markets, which saw prices drop sharply in May following a period of rapid gains.

The price of Bitcoin, for example, fell by nearly 50 percent over the course of a few days in May, dropping from a high of around $8,000 to a low of $4,000.

However, the cryptocurrency market has since recovered somewhat, with the price of Bitcoin now trading at around $7,000.

The administration's announcement about a crypto reserve comes as the U.S. economy continues to face a number of challenges, including trade tensions with China and rising inflation.

The administration has imposed tariffs on billions of dollars' worth of goods from China in an effort to reduce the trade deficit and protect American jobs. China has retaliated with tariffs of its own.

The administration has also been critical of the Federal Reserve's monetary policy, arguing that it has kept interest rates too low for too long.

"We're in a trade war with China, and we're winning," Trump said in a recent interview. "They're going to come crawling to us. They have no choice."

The administration's plans for a crypto reserve are likely to be met with mixed reactions. Some economists and policymakers may support the move, arguing that it could help to stabilize the cryptocurrency market and reduce the risk of bubbles.

However, others may be critical, arguing that the administration should focus on more pressing economic issues, such as the trade deficit and inflation.

Only time will tell how the administration's plans for a crypto reserve will play out. However, the announcement is sure to spark debate and discussion about the future of cryptocurrency in the U.S. economy.