On March 2, President Trump tweeted twice, announcing that cryptocurrencies would become a strategic reserve asset for the United States. Once the tweet was published, the cryptocurrency market surged wildly under Bitcoin's leadership, with all altcoins experiencing a massive rise.
Trump posted on his social media platform Truth Social, stating that he aims to make cryptocurrencies a strategic reserve asset for the United States. The reserve assets he mentioned include XRP, SOL, ADA, etc., and he indicated that this will make the U.S. a leader in the cryptocurrency world.
The post also stated that this action is necessary after years of the Biden administration suppressing the cryptocurrency sector. This is why I signed an executive order today to allow the White House's cryptocurrency team to officially move forward.
Minutes later, Trump added another post, specifically mentioning that BTC and ETH would be the core of the United States' strategic reserve assets. He also expressed that he is very fond of Bitcoin and Ethereum. From these posts, it is evident that BTC and ETH hold more importance than XRP, SOL, ADA, and others.
After the post was published, the entire cryptocurrency market surged. Among them, ADA's rise was the most rapid, soaring over 75% from its low to high in just a few hours, with the current increase at approximately 63%, and the price skyrocketing to $1.07.
Ethereum also experienced a surge after the second post was published, with an increase of over 10%, rising from around $2200 to nearly $2450. Bitcoin also saw a strong rise, currently priced around $93600, with a maximum increase approaching 10%.
It is worth noting that Bitcoin has strongly broken through the bullish support line, which is the 200-day moving average at $82000. Meanwhile, Bitcoin's weekly K-line is also above this support line, indicating a very bullish trend.
Although the market still looks bullish, I want to remind everyone that whether the market is surging or plummeting, it is not advisable to go all in directly. If you have such thoughts, perhaps you should adjust your mindset and maintain calm and rational investment decisions.
Currently, Bitcoin's market share has dropped to 60.56%. While still at a high level, the subsequent trend will play a decisive role in determining when the altcoin season will arrive. Additionally, the performance of the entire US stock market after today's opening will be a key reference factor for whether the crypto market can maintain a bullish sentiment this week.
Opinion:
Although the general consensus is that this surge was triggered by Trump's post, there are also views suggesting that it is related to the SEC's recent withdrawal of legal actions against exchanges like Coinbase and Uniswap, along with a series of positive events, including a cryptocurrency summit to be held at the White House this Friday, which collectively boosted the entire crypto market.
In summary, Trump's tweets and a series of positive events have injected strong momentum into the cryptocurrency market. I hope this surge can bring more confidence and opportunities to the market. However, investment carries risks, so everyone should remain cautious and treat every market fluctuation rationally.
💬 Do you think this rise in the cryptocurrency market can be sustained? What impact will Trump's tweets, the SEC's withdrawal, and the cryptocurrency summit this Friday have on the market? Leave your thoughts and opinions in the comments!
