Peter Schiff says US President Donald Trump has pulled off the biggest crypto rug pull ever after he announced that certain altcoins will be added to the strategic crypto reserve on Sunday amid a 9% crypto market crash.

Economist Peter Schiff has accused Donald Trump of orchestrating a crypto “pump and dump” scheme, calling for a Congressional investigation into potential market manipulation tied to Trump’s recent statements on digital assets.

Renowned Bitcoin (CRYPTO: BTC) skeptic Peter Schiff has weighed in on Donald Trump's announcement regarding a potential crypto strategic reserve, voicing concerns over government involvement in the market.

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.

Crypto assets gave up some of their gains on Monday after getting a massive boost over the weekend from President Trump’s announcement of a new US strategic reserve of digital assets. While Bitcoin dropped nearly 9% on Monday — after surging by 20% a day earlier — stocks of major US crypto firms initially soared on bets that the Trump administration is poised to execute an aggressively pro-crypto agenda in the months ahead.