The price of Bitcoin surged sharply following Donald Trump's announcement regarding the establishment of a cryptocurrency reserve in the United States, according to data from CoinMarketCap.
As of 9:40 AM Tashkent time, one token is valued at approximately $92,710, which is an increase of 8.4% compared to the same time the previous day. The cryptocurrency reached its peak value around 4:10 PM local time, when it was offered for over $94,800.
On March 2, the U.S. President announced on the Truth Social network the signing of an executive order to create a national cryptocurrency reserve. According to Trump, this reserve will include tokens such as XRP, Solana, Cardano (ADA), as well as Bitcoin and Ethereum.
“The cryptocurrency reserve will elevate the role of this critically important industry after years of attacks from the Biden administration. <...> I will make the U.S. the crypto capital of the world,” Trump wrote.
All the tokens mentioned by the President have seen a significant increase. For instance, the price of Ethereum rose by 9.7% in just 24 hours, reaching $2,440, while Solana is priced at $169—18% higher than the day before.
XRP showed an even larger increase, with its price rising by a quarter to $2.79. However, Cardano experienced the most substantial growth, gaining nearly 60% in one day. Despite these gains, all tokens remain significantly below their historical highs.
Crypto-Trump
In his 2024 election platform, Trump declared the cryptocurrency sector a national priority and announced major reforms in its regulation. He also mentioned plans to establish a governmental advisory council on digital assets and to make the U.S. the “crypto capital of the world.”
After Trump's election victory, a sharp cryptocurrency rally began. By November 6, Bitcoin had first risen to $75,000, and less than a week later, it surpassed $90,000. In early December, the token crossed the psychological threshold of $100,000.
One reason for the enthusiasm among crypto investors was the nomination of Paul Atkins, a cryptocurrency supporter, by the new president to head the U.S. Securities and Exchange Commission (SEC). Bitcoin reached its all-time high of $109,356 on inauguration day.
However, in the following weeks, the cryptocurrency market experienced a crash, which experts attribute to the overall volatility in the financial sector amidst announcements of tariffs on imports to the U.S. from Canada, Mexico, China, and the European Union. On February 28, Bitcoin fell below the $80,000 mark for the first time in three and a half months.
Earlier, Spot reported that according to NAPP data, the Heemera project returned stolen crypto assets worth 2.9 billion sums to their owners in less than a year.