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Crypto Prices Skyrocket As Trump Announces U.S. Strategic Reserve
(MENAFN- The Rio Times) Cryptocurrency prices skyrocketed on March 2, 2025, following U.S. President Donald Trump's announcement of a "Crypto Strategic Reserve."
Trump revealed the initiative on Truth Social, naming bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) as key assets in the reserve.
The move aims to position the United States as a global leader in digital assets after what trump described as "years of corrupt assaults" under the previous administration.
Bitcoin surged 10% to surpass $94,000, while Ethereum climbed 13% to $2,442. XRP saw an extraordinary 33% rise to $2.80, and Solana gained 25%, trading at $143.94. Cardano led the rally with a staggering 68% increase, crossing the $1 mark.
These gains followed a weekend rebound from February's lows, with Bitcoin recovering from a 120-day low of $78,200.
Trump's announcement included plans for the first White House Crypto Summit on March 7, signaling further government support for digital assets.
This development sparked massive inflows into spot markets, with Bitcoin alone seeing over $200 million in buying activity within an hour.
However, spot ETFs for Bitcoin and Ethereum recorded outflows of $2.6 billion and $335 million, respectively, suggesting some investors shifted to direct crypto holdings.
Crypto Prices Skyrocket as Trump Announces U.S. Strategic Reserve
The broader market also rallied, with the CoinDesk 20 Index rising 17%. Total crypto trading volume reached $256 billion in 24 hours, while the market capitalization grew to $2.86 trillion. Bitcoin's dominance increased slightly to 59.55%, underscoring its leadership in the rally.
Analysts attribute the surge to both Trump's policy announcement and technical momentum. Key resistance levels were broken across major cryptocurrencies, fueling bullish sentiment.
For Bitcoin, holding above $88,000 could pave the way for a breakou past $100,000. XRP and Solana also showed strong upward trajectories, with XRP targeting $3+ and Solana eyeing resistance at $150-$160.
Trump's strategic reserve initiative marks a significant shift in U.S. crypto policy and has reinvigorated investor confidence.
With institutional interest growing and regulatory clarity improving, the market appears poised for further gains ahead of next week's summit.
Trump revealed the initiative on Truth Social, naming bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) as key assets in the reserve.
The move aims to position the United States as a global leader in digital assets after what trump described as "years of corrupt assaults" under the previous administration.
Bitcoin surged 10% to surpass $94,000, while Ethereum climbed 13% to $2,442. XRP saw an extraordinary 33% rise to $2.80, and Solana gained 25%, trading at $143.94. Cardano led the rally with a staggering 68% increase, crossing the $1 mark.
These gains followed a weekend rebound from February's lows, with Bitcoin recovering from a 120-day low of $78,200.
Trump's announcement included plans for the first White House Crypto Summit on March 7, signaling further government support for digital assets.
This development sparked massive inflows into spot markets, with Bitcoin alone seeing over $200 million in buying activity within an hour.
However, spot ETFs for Bitcoin and Ethereum recorded outflows of $2.6 billion and $335 million, respectively, suggesting some investors shifted to direct crypto holdings.
Crypto Prices Skyrocket as Trump Announces U.S. Strategic Reserve
The broader market also rallied, with the CoinDesk 20 Index rising 17%. Total crypto trading volume reached $256 billion in 24 hours, while the market capitalization grew to $2.86 trillion. Bitcoin's dominance increased slightly to 59.55%, underscoring its leadership in the rally.
Analysts attribute the surge to both Trump's policy announcement and technical momentum. Key resistance levels were broken across major cryptocurrencies, fueling bullish sentiment.
For Bitcoin, holding above $88,000 could pave the way for a breakou past $100,000. XRP and Solana also showed strong upward trajectories, with XRP targeting $3+ and Solana eyeing resistance at $150-$160.
Trump's strategic reserve initiative marks a significant shift in U.S. crypto policy and has reinvigorated investor confidence.
With institutional interest growing and regulatory clarity improving, the market appears poised for further gains ahead of next week's summit.
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