Bitcoin jumps 20% following Trump’s crypto reserve move
The recent surge in Bitcoin's price, reported to have jumped by around 20% following President Donald Trump's announcement about a U.S. strategic crypto reserve, reflects a wider trend of optimism in the crypto market.
President Trump announced the creation of a U.S. strategic crypto reserve, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano. This move is looked as a significant boost to the crypto market, potentially positioning the U.S. as a global leader in crypto.
Bitcoin surged beyond $95,000 following the announcement, marking a significant recovery from recent lows. XRP saw gains of up to 38%, Solana rose by around 20%, and Cardano experienced a remarkable increase of up to 78%.
The announcement has shifted market sentiment positively, with many analysts viewing it as a catalyst for further growth in the crypto industry. However, concerns remain about how the reserve will be funded and its long-term implications.
Trump is set to host a White House Crypto Summit, which could provide further insights into the strategic reserve and future crypto policies.
Overall, Trump's announcement has injected significant optimism into the crypto market, with many investors expecting further growth and mainstream adoption of crypto.
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I'm a bit skeptical about this sudden surge, considering the lack of details on how this reserve will be funded. Still, it's definitely an interesting development in the crypto market.
Wait and see :)
I am curious to see if the upward momentum will continue. He had mentioned doing this during the election, but still we had the drop last week.