The price of bitcoin and other crypto coins spiked more than 20% after US President Donald Trump hinted at the possibility of a new US strategic reserve that will be based on a range of tokens.
More specifically, President Trump posted on Truth Social that his digital assets executive order issued in January will create a stockpile of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Cardano, and Solana.
According to the President, at the heart of this reserve will be Bitcoin and Ethereum, the two largest crypto coins on the planet.
The post of President Trump sent the crypto world into a frenzy, with the price of Bitcoin surging to $91,605 from the $78,273 that the cryptocurrency recorded on Friday just two days earlier.
Similarly to this, Ethereum was also up by 20% from Friday to $2,351, marking a 7% drop from the closing levels on Sunday, with Ripple and Solana also going up by 30%, while Cardano notched a 60% spike when compared to last week’s lows.
Matt Simpson, Senior Market Analyst at City Index, said that President Trump has restored the faith of the crypto community, giving them the “pump” for which crypto traders have been waiting.
Trump just gave the pump that crypto traders have been holding out for. Any faith that was lost last week appears to have been restored, and new highs could be made unless there is another wave of risk-off selling.
Ever since Trump’s rally in November during the final stages of the US elections, the crypto-community has been on the side of the President, viewing him as a “crypto-friendly president” who would create a strategic bitcoin fund, opposite to the Biden administration and its crackdown on cryptocurrencies.
