Bitcoin surged nearly 10% to $95,043.44 following President Trump’s announcement of a US Crypto Strategic Reserve. Other cryptocurrencies like Ripple, Solana, Cardano, and Ethereum also saw significant gains. Analysts believe this move signifies a pivotal shift toward regulatory acceptance, likely fostering global interest and institutional participation. Bitcoin could potentially reach new all-time highs if it sustains above $90,000.
The crypto market experienced a surge on Monday, with Bitcoin, the dominant cryptocurrency, soaring nearly 10% to hit $95,043.44. This rally was spurred by President Donald Trump’s announcement to establish a US Crypto Strategic Reserve that includes Bitcoin, Ripple, Solana, Cardano, and Ethereum, signaling a new era for cryptocurrencies.
In the wake of this news, other cryptocurrencies flourished: Ripple jumped by 35% to $2.9990, Solana rose by 18% to $169.88, Cardano surged by 60%, and Ethereum saw a 10% increase, reflecting the overall bullish trend in the market. Data from Binance shows a notable shift in values of these assets.
On Sunday, March 2, 2025, Trump declared on Truth Social, “A US Crypto Reserve will elevate this vital industry after years of corrupt attacks by the Biden Administration.” He elaborated on the reserve’s intention to position the US as the Crypto Capital of the World, underscoring Bitcoin and Ethereum as central to this initiative.
According to Rachel Conlan, Global CMO of Binance, the government’s formal recognition of key cryptocurrencies marks a pivotal moment, urging regulatory shifts globally. She noted, “By formally recognising Bitcoin, Ethereum, XRP, Solana, and Cardano, the US government is taking a strategic step toward integrating cryptocurrencies into its broader financial and economic framework.”
Conlan believes this new regulatory approach might prompt other nations to follow suit, enhancing institutional participation within a structured market environment. The immediate market response added over $300 billion in value, indicating strong demand for such forward-looking regulatory measures.
Edul Patel, CEO of Mudrex, remarked that Trump’s announcement has positively influenced market sentiment, reiterating that these cryptocurrencies are evolving from mere speculative assets. The anticipation surrounding potential ETFs for Solana and XRP further piques institutional interest and encourages momentum among both retail and institutional investors.
Bitcoin’s current market cap stands at $1.84 trillion, maintaining its status as the largest cryptocurrency. Following its all-time high of $109,114.88 reached on January 20, 2025, if Bitcoin manages to stay above the $90,000 mark, it could potentially touch $100,000 again. Patel expressed that a successful outcome from Trump’s upcoming Crypto Summit might propel Bitcoin towards a new all-time high of $110,000.
In conclusion, the recent announcement of a US Crypto Strategic Reserve marks a pivotal moment for the cryptocurrency landscape, encouraging a surge in market confidence and investment. The recognition of Bitcoin and other major cryptocurrencies by the US government not only aims to stabilize market volatility but also integrated cryptocurrencies into a broader economic framework, suggesting a promising future for the digital asset industry. With the market responding positively, Bitcoin and its peers are positioned for potential new heights.
Original Source: www.business-standard.com
