Bitcoin Surpasses $94K After Trump's US Crypto Reserve Announcement
Bitcoin (BTC) surged past $94,000 on March 2 following an announcement by US President Donald Trump regarding the creation of a US Crypto Reserve. Trump mentioned several cryptocurrencies, including XRP, SOL, ADA, BTC, and ETH, in his statement.
Bitcoin Price Jumps Beyond $94K
As of now, BTC is trading just above $92,000, marking a 7% increase in the last 24 hours. Bitcoin had briefly dropped below $78,000 after $5 billion in BTC options expired on Friday, but quickly regained momentum following Trump’s announcement.
Trump's Crypto Reserve Declaration
In his March 2 announcement, Trump outlined plans for a US Crypto Reserve, designed to support the industry after what he described as years of "corrupt attacks" by the Biden administration. The Executive Order on Digital Assets directs the Presidential Working Group to establish a Crypto Strategic Reserve, which will include assets like XRP, SOL, ADA, BTC, and ETH. Trump expressed his intention to make the US the “Crypto Capital” of the world, and emphasized that individual investors would benefit, urging traditional finance to "catch up or die."
Market Response and Future Outlook
Following Trump’s announcement, the crypto market saw a nearly 6% rise in just 24 hours, signaling optimism across the sector. Binance’s CEO, CZ, praised the move as a positive step forward and encouraged further expansion.
In the coming week, several key economic events could influence crypto prices, including:
March 4: Trump to announce Canada and Mexico tariffs.
March 6: US Federal Reserve to release important economic notes and US jobless claims report.
March 7: ECB President Christine Lagarde’s press conference and US February unemployment data.
March 7: President Trump to host a White House Crypto Summit.
These events, coupled with Trump’s Crypto Reserve initiative, could lead to a boost in both BTC and broader crypto markets.
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