By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.

Bitcoin was down 9.47 percent at $85,321.69 each. The cryptocurrency market’s total valuation remains above a trillion dollars, with Bitcoin holding the largest share.

On Sunday, President Trump announced in a Truth Social post the creation of a reserve that will indeed include bitcoin, as well as ether, XRP, Solana’s SOL, and Cardano’s ADA. Predictably, the digital asset market surged after the news, with each of the mentioned tokens climbing double-digits.