President Trump’s recent announcement about creating a US Crypto Reserve has sent Bitcoin’s price soaring, with a substantial 20% increase from its recent lows. The cryptocurrency rallied as high as $95,000 on Sunday after Trump’s announcement on Truth Social, and cooled down to $93,000 at the time of publication.
This move is seen as a significant shift in Trump’s stance on cryptocurrencies, as he was initially skeptical but has now taken a more encouraging approach. The proposed US Crypto Reserve will include top cryptocurrencies like Bitcoin, Ether, XRP, Solana, and Cardano.
The market’s positive reaction is also attributed to Trump’s Executive Order 14178, which aims to create frameworks for the integration and regulation of digital assets. Additionally, the White House AI and crypto czar, David Sacks, has endorsed Trump’s strategy, announcing plans for a White House Crypto Summit on March 7.
As of now, Bitcoin’s price stands at $92,990.72, with a 7.9% increase. The cryptocurrency’s future looks bullish, with potential to retest its next resistance level at $100,000 if the rally continues.
Source: Nairametrics
