Bitcoin is on the rise once more, and this time it’s all thanks to U.S. President Donald Trump. On Sunday, Bitcoin rose above $94,000, a sharp turnaround from its recent decline. The rally followed Trump’s announcement of his intentions for a “Crypto Strategic Reserve” and his promise to make the United States the world’s cryptocurrency hub.
The president’s remark, shared on Truth Social, prompted a rally across the market. Bitcoin, which had been having a hard time remaining above $80,000, witnessed its price shoot up. Other heavyweights such as Solana (SOL), XRP, and Ethereum (ETH) followed suit, taking the overall cryptocurrency market capitalization 9.3% higher to $3.09 trillion, as per CoinMarketCap.
In his tweet, Trump stated, “A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve…” He named XRP, SOL, and Cardano (ADA) specifically as integral parts of the reserve he plans to create, vowing to “We are MAKING AMERICA GREAT AGAIN!.”
Bitcoin and Ethereum Get a Nod
At first, Bitcoin and Ethereum were noticeably omitted from Trump’s list of best cryptocurrencies, baffling investors. Yet, exactly an hour after, Trump explained, augmenting, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
The clarification was a game-changer. Bitcoin’s price increased by more than 8%, while Ethereum increased by 10%, going over the $2,500 threshold. XRP and ADA, on the other hand, saw even bigger increases, with XRP increasing by 24% and ADA increasing by 58%.
A Turning Point for Crypto?
The rally is a welcome respite for the crypto market, which had just experienced its worst month in years. February recorded steep falls across the board, with Bitcoin registering its sharpest fall since 2022. Trump’s backing has rekindled investor hope, however.
Ashish Singhal, who is the co-founder of cryptocurrency platform CoinSwitch, described the move as a possible game-changer. “The golden age of crypto,” he said. Singhal further believed that the action could spark other countries to adopt virtual digital assets (VDAs) and lead to greater innovation.
While skeptics caution against speculative dangers, Trump’s call for a crypto reserve has certainly injected fresh life into the market. Investors now anxiously wait to see whether this upsurge heralds a sustained trend—or merely another fleeting blip.
For the moment, at least, one thing is clear: Bitcoin and its crypto friends are once again in the limelight, and the world is watching.
