Bitcoin Sees a Strong Rebound Amid Trump’s Announcement
March 3 (Reuters) – Bitcoin surged 20% from last week’s lows on Monday after U.S. President Donald Trump disclosed that his administration would include several cryptocurrencies in a new national reserve.
Trump Reveals Official List of Cryptocurrencies in Reserve
In a Truth Social post, Trump confirmed that his January executive order would establish a reserve consisting of Bitcoin, Ether, XRP, Solana, and Cardano—marking the first time these names were made public.
“Bitcoin and Ether will be central to this reserve,” Trump posted on Sunday.
Bitcoin Crypto Market Experiences a Major Rally
The revelation led Bitcoin to rally over 20% from its November lows, reversing its mid-January downturn driven by disappointment over Trump’s lack of immediate regulatory changes. The cryptocurrency last traded at $94,154, climbing from $78,273 on Friday.
Ether saw similar momentum, jumping 20% over the weekend to reach $2,482, while XRP gained 38%, Solana rose 20%, and Cardano skyrocketed 78%.
Experts See a Turning Point for Crypto
Chris Weston, research head at Pepperstone, called the announcement a major boost for the crypto industry, which had been in dire need of a bullish catalyst.
With Trump set to host the White House Crypto Summit on Friday, further gains may be possible, though market sentiment remains fragile due to broader economic concerns.
Challenges Persist Despite the Price Recovery
Bitcoin had recorded a 17% decline in February—its worst monthly loss since June 2022—and remains down more than 33% from its January peak of $105,000.
While Trump’s election initially fueled optimism about pro-crypto policies, his administration has yet to enact concrete reforms beyond appointing crypto-friendly officials.
Questions Remain Over Reserve Financing
Despite the price rally, IG market analyst Tony Sycamore noted ongoing concerns about how the reserve will be financed, whether through taxpayer funds or seized digital assets.
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