Bitcoin surged past $93,000 over the weekend after President Trump announced plans to create a U.S. strategic crypto reserve that will include Bitcoin, Ether, and several other digital currencies.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” President Trump wrote in a Truth Social post on Sunday. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
The strategic reserve will involve several digital currencies beyond Bitcoin, including Ether, XRP, Solana, and Cardano, according to CNBC.
The announcement triggered a significant rally in the cryptocurrency market, with Bitcoin climbing as high as $95,000, and the smaller coins seeing double-digit percentage increases.
This positive momentum comes after a period of consolidation in which Bitcoin had fallen below the key $90,000 level for the first time in three months, dropping as much as 25% from its January all-time high.
“The weekend news is exactly the type of catalyst investors have been looking for to feel reassured about follow through from the U.S. administration with respect to its crypto friendly policies,” Joel Kruger, market strategist at LMAX Group, told CNBC. “Now that we’ve already seen a healthy correction in February, this sets the stage for the start to the next leg higher for crypto assets.”
