Reasons Behind Bitcoin’s Drop to $91,200

Bitcoin unexpectedly plunged to $91,200, sending the crypto market into a sea of red.

As the race to establish Bitcoin reserve funds gains momentum across U.S. states—spurred by Donald Trump’s vision of a national “Strategic Bitcoin Reserve”—Montana has hit an unexpected roadblock.

The state’s ambitious Bill 429, which sought to create a special revenue account for investing in precious metals, stablecoins, and high-market-cap cryptocurrencies, failed to pass the House. Despite Bitcoin being the only asset that met the bill’s stringent market cap requirement of $750 billion, the proposal was rejected in a 41-59 vote, with several Republican lawmakers opposing the measure in the most recent session.

Meanwhile, 24 states across the U.S. are pursuing similar legislation, with 20 bills still in play in states like Arizona, Texas, and Ohio.

Montana now joins Wyoming, North Dakota, and Pennsylvania as one of the few states to reject such proposals, even as others—including Utah and Arizona—push their bills to the Senate for further debate.

Bitcoin has now declined 8% in February, with less than a week left before it records its first negative monthly return since February 2020. With average monthly gains hovering around 14%, the likelihood of Bitcoin reaching a new all-time high remains relatively low given the current market sentiment.