The cryptocurrency euphoria over the weekend was short-lived, as prices remained under pressure after industry watchers voiced skepticism of President Donald Trump's plans to build a strategic crypto reserve.

Bitcoin price extends its decline on Tuesday and erases its weekend gains. US President Trump’s announcement of the Crypto Strategic Reserve was turned into a short-term “buy the rumor, sell the news” event.

Prices for bitcoin and the like have soared after Donald Trump set out plans for a U.S. cryptocurrency reserve. He said in a social media post that the stockpile would include bitcoin and ether, as well as smaller tokens XRP,