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The crypto market’s total market cap saw a massive $330 billion surge in just four hours after president Donald Trump announced plans for a US Crypto Reserve that would include Bitcoin, Ethereum, Solana, XRP, and Cardano on Sunday. The news sent the bears packing, liquidating $160 million in Bitcoin shorts in the process, per data from Coinglass. In his announcement, which was made via Truth Social as usual, president Trump said: “My Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN! And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!” Trump first shared the idea for a Bitcoin national reserve at the Nashville Bitcoin Conference in July 2024, though at the time, he only mentioned Bitcoin. It was also during this conference that he started calling himself the ‘crypto president.’ Bitcoin hits $94K, and altcoins get a bump too After the announcement, Bitcoin’s price surged by over 10% in 24 hours, reclaiming $94,000. Ethereum followed with an 11% spike, reaching $2,500. Solana saw an increase of 20% to $169, while XRP surged by 30% to $2.80. Cardano saw the biggest increase, rallying 60% to $1.02, per data from CoinGecko. This rally comes after weeks of losses. Bitcoin, which started the year at $109,000, had dropped below $80,000 last week after a wave of risk asset selloffs and a security breach at Bybit that saw nearly $1.5 billion stolen. Meanwhile, Trump has announced that he is gonna host the first-ever White House Crypto Summit on Friday, with a mission to bring together top executives,…

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Filed under: News - @ March 3, 2025 1:27 am