#特朗普国会演讲 Trump announced this Sunday (3/2) that the United States will establish a strategic crypto reserve, including major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA). He emphasized that this move will ensure the U.S. becomes the 'world crypto capital,' contrasting sharply with the Biden administration's conservative stance on regulation. Compared to the Biden administration's strict regulations on the crypto market — particularly in combating fraud and money laundering — Trump's declaration showcases a proactive embrace of digital assets.
Former U.S. President Donald Trump recently announced the establishment of the U.S. Strategic Crypto Reserve, causing significant market fluctuations. This move not only reignited market confidence in cryptocurrencies but also made the upcoming White House Crypto Summit on Friday highly anticipated.
The market reacted enthusiastically to this news. According to Coingecko data, the global cryptocurrency market cap increased by about $300 billion within just a few hours that day, with the prices of major cryptocurrencies soaring. Bitcoin's price broke through $94,164, rising by 11%, becoming the leader of this rally. XRP, Solana, and Cardano also achieved astonishing gains of 33%, 22%, and over 60%, respectively, resulting in a brief warming of the overall market.
Meanwhile, the market is closely watching the upcoming non-farm payroll data for March to be released in the U.S. In recent months, U.S. non-farm payroll data has shown strong performance, such as the addition of 353,000 jobs in January this year, far exceeding market expectations, indicating that the labor market remains robust. Such economic indicators usually influence investors' allocation towards risk assets.
If the non-farm payroll data is below market expectations (e.g., new jobs below 200,000), it may indicate an economic slowdown, prompting the Federal Reserve (Fed) to consider interest rate cuts, further boosting the demand for risk assets such as Bitcoin and Ethereum. Interest rate cuts typically lower the cost of capital, driving funds into risk markets and enhancing market expectations for future economic stimulus policies, which are usually positive catalysts for the cryptocurrency market.$BTC