Bitcoin fell on Monday as volatility in the price of the world’s largest cryptocurrency continues following an executive order signed by President Donald Trump to create a strategic bitcoin reserve for the United States.

Bitcoin was trading at $81,712, down over 5% but off earlier lows, at 9:42 a.m. Singapore time, according to Coin Metrics.

The reserve will be funded by coins that have been seized in criminal and civil forfeiture cases and there are no plans for the U.S. government to buy more bitcoin. After the strategic reserve announcement last Thursday, crypto prices declined as investors were disappointed it wasn’t a more aggressive program.

Other cryptocurrency prices also dropped on Monday. Both ether and XRP were down about 7.5% at around 9:43 a.m. Singapore time.

Some investors, however, said the move to establish a reserve was bullish in the long-term.

“I absolutely think the market has this wrong,” Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC’s “Squawk Box Asia” on Monday. “The market is short-term disappointed” that the government didn’t say it was immediately going to start acquiring 100,000 or 200,000 bitcoin, he added.

Hougan pointed towards comments on X from White House Crypto and AI Czar David Sacks, who said the U.S. would look for “budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

“I think the right question to ask is: did this executive order make it more likely that in the future, bitcoin will be a geopolitically important currency or asset? Will other governments look to follow the U.S.’s lead and build their own strategic reserve? And to me, the answer to that is emphatically yes,” Hougan said.

“The reason that questions matters is that’s the question that determines if bitcoin is $80,000 a coin or $1 million a coin.”

Hougan called the decline in crypto prices a “short-term setback.”

“I think the market will soon find its footing and realize that actually this is incredibly bullish long term for this asset and for crypto as a whole,” he said.

After landing internship offers from Amazon, Meta and TikTok, computer science student Chungin “Roy” Lee has decided to move to San Francisco.

But he won’t be joining any of those companies.

Instead, Lee will be building his own startup that offers a peculiar service: helping software engineers use artificial intelligence to cheat in their technical job interviews. 

“Everyone programs nowadays with the help of AI,” said Lee, a 21-year-old student at Columbia University, which has opened disciplinary proceedings against him, according to documents viewed by CNBC. A Columbia spokesperson said the university doesn’t comment on individual students.

“It doesn’t make sense to have an interview format that assumes you don’t have the use of AI,” Lee said.

Lee is at the forefront of a movement among professional coders who are exploiting the limitations of remote job interviews, popularized during the Covid pandemic, by using AI tools off camera to ensure they give hiring managers the best possible answers. 

The hiring process that took hold in the work-from-home era involved candidates interviewing from behind a Zoom screen rather than traveling, sometimes across the country, for on-location interviews, where they could show their coding skills on dry-erase boards.

In late 2022 came the boom in generative AI, with the release of OpenAI’s ChatGPT. Since then, tech companies have laid off tens of thousands of programmers while touting the use of AI to write code. At Google, for example, more than 25% of new code is written by AI, CEO Sundar Pichai told investors in October.

The combination of rapid advancements in AI, mass layoffs of software developers, and a continuing world of remote and hybrid work has created a novel conundrum for recruiters.

The problem has become so prevalent that Pichai suggested during a Google town hall in February that his hiring managers consider returning to in-person job interviews.

Google isn’t the only tech company weighing that idea.

But engineers aren’t slowing down.  

Lee has turned his cheating into a business. His company, Interview Coder, markets itself as a service that helps software developers cheat during job interviews. The internship offers that he landed are the proof he uses to show that his technology works.

AI assistants for virtual interviews can provide written code, make code improvements, and generate detailed explanations of results that candidates can read. The AI tools all work quickly, which is helpful for timed interviews.

Hiring managers are venting their frustrations on social media over the rise of AI cheaters, saying that those who get caught are eliminated from contention. Interviewers say they’re exhausted from having to discern whether candidates are using their own skills or relying on AI.

AI cheating tools have improved so much over the last year that they’ve become nearly undetectable, experts said. Other than Lee’s Interview Coder, software engineers can also use programs such as Leetcode Wizard or ChatGPT. 

Kirk said his startup is considering moving to in-person interviews, though he knows that potentially limits the talent pool.

“The problem is now I don’t trust the results as much,” Kirk said. “I don’t know what else to do other than on-site.”

Deloitte reinstated in-person interviews for its U.K. graduate program, according to a September report. 

Anthropic, the maker of AI chatbot Claude, issued new guidance in its job applications in February, asking candidates not to use AI assistants during the hiring process. 

“While we encourage people to use AI systems during their role to help them work faster and more effectively, please do not use AI assistants during the application process,” the new policy says. “We want to understand your personal interest in Anthropic without mediation through an AI system, and we also want to evaluate your non-AI-assisted communication skills. Please indicate ‘Yes’ if you have read and agree.”

Amazon is also taking steps to combat AI cheating. 

The company asks that candidates acknowledge that they won’t use unauthorized tools during the interview or assessment process, spokesperson Margaret Callahan told CNBC.

“Every time I mention interviews, I get frustrated comments about Leetcode,” wrote Ryan Peterman, a software engineer at Meta, in a newsletter posted on Substack in December. Peterman said Leetcode problems are purposely designed to be much harder than what software engineers would do on the job. Leetcode is the best tool companies have to filter hundreds of applicants, Peterman wrote.

Coders said they hate Leetcode because it emphasizes algorithmic problem-solving and asks applicants to solve riddles and puzzles that seem irrelevant to the job, according to those CNBC spoke with as well as comments CNBC found from engineers across various social media platforms. Another downside is that it sometimes requires hours of work that may not result in a job offer or advancement, they said.

Leetcode served as Lee’s inspiration for building Interview Coder, he said. With the help of AI, he said, he created the service in less than a week.

“I thought I wanted to work at a big tech company and spent 600 hours practicing for Leetcode,” Lee said. “It made me miserable, and I almost stopped programming because of how much I didn’t like it.”

Lee’s social media posts are filled with comments from other programmers expressing similar frustrations. 

“Legend,” several comments said in response to some of his X posts. Others said they enjoyed him “f—ing with big tech.” 

Rival software Leetcode Wizard was also inspired by distaste for Leetcode. 

Isabel De Vries, Leetcode Wizard’s head of marketing, told CNBC in a statement that Leetcode-style interviews fail to accurately measure engineering skills and fail to reflect actual daily engineering work. 

“Our product originates from the same frustrations many of our users are having,” De Vries said.

Leetcode did not respond to CNBC’s request for comment.

When Kirk, of Studio.init, posted on LinkedIn in February to vent about his frustrations with AI cheating, he received nearly 200 comments. But most argued that employers should allow candidates to use AI in the hiring process.

“Even the SAT lets you use a calculator,” said one comment. “I think you just make it harder to succeed on purpose when in the real world Google and gpt will always be at my fingertips.”

Lee promotes Interview Coder as being “invisible to all screen-recording softwares.” To prove its effectiveness, he recorded himself passing an Amazon interview and posted the video on YouTube. Amazon and the other companies that had made offers to Lee then rescinded them.

Lee got hundreds of comments praising the video, which YouTube removed after CNBC reached out to Amazon and Google for this story. YouTube cited a “copyright claim” by Amazon as the reason for removing the video.

“I as an interviewer am so annoyed by him but as a candidate also adore him,” former Meta staff engineer Yangshun Tay, co-founder of startup GreatFrontEnd, wrote in a LinkedIn post about Lee and his video. “Cheating isn’t right, but oh god I am so tired of these stupid algorithm interviews.”

After YouTube removed the video, Lee uploaded it once again.

He recently hired the internet influencers who go by the name “Costco Guys” to make a video marketing his software. 

“If you’re struggling to pass your Leetcode interviews and want to get a job at a big tech company, you’ve got to take a look at Interviewcoder.co to pass your interview,” the Costco Guys say in their video. “Because Interview Coder gets five big booms! Boom! Boom! Boom! Boom! Boooooom!”

Leetcode Wizard bills itself on its website as “The #1 AI-powered coding interview cheating app” and “The perfect tool for achieving a ‘Strong Hire’ result in any coding interview and landing your dream job at any FAANG company.” Leetcode Wizard charges 49 euros ($53) a month for a “Pro” subscription. 

More than 16,000 people have used the app, and “several hundred” people have told Leetcode Wizard that they received offers thanks to the software, the company told CNBC. 

“Our product will have succeeded once we can shut it down, when leetcode interviews are a thing of the past,” De Vries said. 

Lee said he’s moving from New York to San Francisco in March to continue building Interview Coder and start working on his next company.

Kirk said he understands software engineers’ frustration with Leetcode and the tech industry. He’s had to use Leetcode numerous times throughout his career, and he was laid off by Google in 2023. He now wants to help out-of-work engineers get jobs.

But he remains worried that AI cheating will persist.

“We need to make sure they know their stuff because these tools still make mistakes,” Kirk said. 

Half of companies currently use AI in the hiring process, and 68% will by the end of 2025, according to an October survey commissioned by ResumeBuilder.com.

Lee said that if companies want to bill themselves as AI-first, they should encourage its use by candidates.

Asked if he worries about software engineers losing the trust of the tech industry, Lee paused. 

“Hmm,” he mumbled.  

“My reaction to that is any company that is slow to respond to market changes will get hurt and that’s the fault of the company,” Lee said. “If there are better tools, then it’s their fault for not resorting to the better alternative to exist. I don’t feel guilty at all for not catering to a company’s inability to adapt.”

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Meta‘s Facebook’s influence remains strong globally, but younger users are logging in less. Only 32% of U.S. teens use Facebook today, down from 71% in 2014, according to a 2024 Pew Research study. However, Facebook’s resale platform Marketplace is one reason young people are on the platform.

“I only use Facebook for Marketplace,” said Mirka Arevalo, a student at Buffalo University. “I go in knowing what I want, not just casually browsing.”

Launched in 2016, Facebook Marketplace has grown into one of Meta’s biggest success stories. With 1.1 billion users across 70 countries, it competes with eBay and Craigslist, according to BusinessDasher.

“Marketplace is the flea market of the internet,” said Charles Lindsay, an associate professor of marketing at the University of Buffalo. “There’s a massive amount of consumer-to-consumer business.”

Unlike eBay or Etsy, Marketplace doesn’t charge listing fees, and local pickups help avoid shipping costs, according to Facebook’s Help Center.

“Sellers love that Marketplace has no fees,” said Jasmine Enberg, VP and Principal Analyst at eMarketer. “Introducing fees could push users elsewhere.”

Marketplace also taps into the booming resale market, projected to hit $350 billion by 2027, according to ThredUp.

“Younger buyers are drawn to affordability and sustainability,” said Yoo-Kyoung Seock, a professor at the College of Family and Consumer Sciences at the University of Georgia. “Marketplace offers both.”

A key advantage is trust; users’ Facebook profiles make transactions feel safer than on anonymous platforms like Craigslist, according to Seock.

In January 2025, eBay partnered with Facebook Marketplace, allowing select eBay listings to appear on Marketplace in the U.S., Germany, and France. Analysts project this will drive an additional $1.6 billion in sales for eBay by the end of 2025, according to Wells Fargo.

“This partnership boosts the number of buyers and sellers,” said Enberg. “It could also solve some of Marketplace’s trust issues.”

While Facebook doesn’t charge listing fees, it does take a 10% cut of sales made through its shipping service, according to Facebook’s Help Center.

Marketplace isn’t a major direct revenue source, but it keeps users engaged.

“It’s one of the least monetized parts of Facebook,” said Enberg. “But it brings in engagement, which advertisers value.”

Meta relies on ads for over 97% of its $164.5 billion revenue in 2024.

“Marketplace helps Meta prove younger users still log in,” said Enberg. “Even if they’re buying and selling instead of scrolling.”

By keeping users engaged, Marketplace plays a key role in Facebook’s long-term strategy, ensuring the platform remains relevant in a changing digital landscape.

Watch the video to learn more.