A series of recent policies by President Trump have had a significant impact on the cryptocurrency market, triggering short-term volatility and having far-reaching effects on long-term development expectations.

1. Strategic Cryptocurrency Reserve Program

On March 3, 2025, President Trump announced on social media the advancement of a cryptocurrency strategic reserve program, incorporating Bitcoin, Ethereum, Ripple (XRP), Solana (SOL), and Cardano (ADA) into the national reserve framework. This news initially boosted market confidence, causing the cryptocurrency market's market capitalization to surge by over $300 billion in a single day, with Bitcoin's price breaking $95,000.

2. Composition of Government Bitcoin Reserves

President Trump signed an executive order establishing a strategic Bitcoin reserve, primarily composed of Bitcoins obtained by the government through criminal and civil forfeiture processes, rather than through active purchases. This decision failed to meet market expectations for the government to actively purchase Bitcoin, leading to a decline in Bitcoin's price of over 5%, dropping below $82,000. Other cryptocurrencies like Ethereum and Ripple also experienced similar declines.

3. Market Reaction from Cryptocurrency-Related Companies

Affected by the decline in cryptocurrency prices, the stock prices of companies related to cryptocurrency also fell. For example, the stock price of Strategy Inc. dropped by 13%, while Coinbase Global and MARA Holdings saw their stock prices decrease by about 12-13%. The market's reaction to President Trump's cryptocurrency strategic reserve program was lukewarm, compounded by concerns over trade policies and the global economic impact, further exacerbating market volatility.