Bitcoin Surges After Trump’s Cryptocurrency Announcement

Bitcoin sees a sharp rally, gaining nearly 20% from its recent lows, following a statement by former U.S. President Donald Trump on digital assets. Other cryptocurrencies mentioned in his post, including Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), also record significant gains.
Market data shows Bitcoin reaches $95,000 on Sunday before stabilizing around $93,000. The surge follows Trump’s announcement on his Truth Social platform, where he confirms plans to establish a U.S. Crypto Reserve under an executive order on digital assets signed earlier in the year.
In his post, Trump explains that the initiative aims to strengthen America’s role in the global cryptocurrency market by incorporating Bitcoin and other digital assets into the country’s financial strategy. He accuses the previous administration of stifling the crypto industry and vows to reverse restrictive regulations.
“A U.S. Crypto Reserve will elevate this critical industry after years of unfair attacks. My Executive Order on Digital Assets directs the Presidential Working Group to advance a strategy that includes Bitcoin, XRP, Solana, and Cardano,” Trump states.
The announcement triggers a shift in market sentiment, as Bitcoin has been on a decline since mid-January. The cryptocurrency loses over 20% of its value, dropping from its January peak of $109,000 due to concerns over regulatory uncertainties.
Trump first hints at plans for a Crypto Strategic Reserve in late 2024, positioning it as a key policy move to keep the U.S. ahead of global competitors like China.
“We will lead in crypto innovation. We won’t let China or any other nation take the lead,” Trump asserts.
Bitcoin’s rally also aligns with growing optimism among investors that Trump’s leadership will reverse regulatory crackdowns imposed under the Biden administration.
Despite this, many await further details on his cryptocurrency policy, as Trump has so far focused on appointing tech-friendly officials rather than unveiling concrete regulatory changes.
Market indicators suggest Bitcoin’s rally could extend toward the $100,000 resistance level if the upward momentum continues. The Relative Strength Index (RSI), a key technical indicator, remains near neutral, indicating improved market confidence.
For Bitcoin to sustain its bullish momentum, the RSI must break above 50. However, if Bitcoin faces selling pressure and falls below $90,000, it may test $85,000 as a support level.
David Sacks, the White House AI and cryptocurrency advisor, confirms Trump’s crypto strategy and endorses the move to establish a national reserve for digital assets.
“President Trump is making the U.S. the world’s crypto capital. A Crypto Strategic Reserve is being formed, with Bitcoin and top cryptocurrencies included,” Sacks posts on X.
He also announces a White House Crypto Summit, scheduled for March 7, where industry leaders, investors, and policymakers will discuss the future of cryptocurrency in the U.S.
The summit is expected to play a key role in shaping America’s stance on crypto regulation, reinforcing its position as a global leader in digital finance.