Bitcoin was trading more than 20% higher than last week's lows on Monday, and several other cryptocurrencies that US President Donald Trump said would be included in the new US strategic reserve also rose sharply, UNN writes citing Reuters.
Details
Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including Bitcoin, Ether, XRP, Solana, and Cardano. The names had not been previously announced.
Bitcoin and ether will be at the center of this reserve, he indicated on Sunday.
"The post lifted the world's largest cryptocurrency by a fifth from the November lows it traded at on Friday, helping to change sentiment on the token, which has been falling since mid-January due to frustration that Trump has not fulfilled promises to ease regulations," the publication writes.
According to the latest data before the publication, it was trading at about $93,057, which is higher than Friday's $78,273.
Ether is up 10% since Friday's close and was at $2450 as of the latest data, XRP is up 31%, Solana is up 15%, and Cardano is up 69%.
"Trump has just given the impetus that crypto traders have been waiting for," said Matt Simpson, senior market analyst at City Index.
"It looks like all the faith lost last week has been restored," and new highs could be reached if there is not another wave of risk-off selling, he said.
Trump announces the creation of the US Strategic Crypto Reserve03.03.25, 00:19 • [views_47234]