Bitcoin Rebounds Strongly Following Trump’s Strategic Reserve Plans
March 3 (Reuters) – Bitcoin rebounded strongly on Monday, climbing 20% from last week’s lows, following U.S. President Donald Trump’s announcement that a new national reserve would include several major cryptocurrencies.
Trump Unveils Cryptos to Be Included in the Reserve
Trump disclosed via Truth Social that his January executive order would establish a reserve incorporating Bitcoin, Ether, XRP, Solana, and Cardano—assets that had not been previously identified.
“Bitcoin and Ether will form the foundation of this reserve,” Trump posted on Sunday.
Crypto Prices Surge After the News
Following the news, Bitcoin surged by over 20% from its November lows, breaking out of a downward trend that had persisted since mid-January due to uncertainty around Trump’s regulatory approach. Bitcoin last traded at $94,154, up from $78,273 on Friday.
Ether also climbed 20% over the weekend to $2,482, while XRP surged 38%, Solana 20%, and Cardano skyrocketed 78%.
Market Analysts See a Game-Changer for Crypto
Chris Weston, research head at Pepperstone, described the announcement as a game-changer for the crypto industry, providing a much-needed positive trigger.
Trump’s upcoming White House Crypto Summit on Friday could further boost market sentiment, though economic headwinds may still pose challenges.
Bitcoin ’s Recent Struggles and Market Uncertainty
Bitcoin fell 17% in February—its worst monthly performance since June 2022—and remains down more than a third from its January peak of $105,000.
While Trump’s election initially sparked excitement among crypto investors, his administration has yet to implement substantial policy changes beyond pro-crypto appointments.
Concerns Over How the Reserve Will Be Funded
Despite the recent price surge, IG market analyst Tony Sycamore cautioned that funding concerns remain, with possibilities including taxpayer money or crypto assets seized through law enforcement actions.
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