Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.

Trump's plan to dilute the Bitcoin reserve with other cryptos has triggered an industry divide between purists and pragmatists.

Commerce Secretary Howard Lutnick says Trump will announce crypto reserve plans during the first White House crypto summit.

Despite fierce backlash from the cryptocurrency community over his proposed strategic crypto reserve, President Donald Trump is set to unveil plans for it at the White House Crypto Summit on Friday. Commerce Secretary Howard Lutnick said Bitcoin would receive a “unique status” under Trump’s framework,