The Rise in the Crypto Market is Fueled by Trump’s Crypto Reserve Initiative
Following President Donald Trump’s declaration of a US strategic cryptocurrency reserve, the cryptocurrency market’s value has grown by $300 billion.
After Trump reaffirmed his dedication to making the US the “world’s crypto capital” on Truth Social on March 2, the market responded.
His most recent executive order directs the Presidential Digital Asset Working Group to proceed with the creation of a national cryptocurrency reserve that includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).
Bitcoin increased by 8% over the previous day, breaking through $93,000, while Ethereum increased by 11%. Other altcoins saw even greater gains, with Cardano rising 66%, Solana rising 20%, and Ripple rising 28%. Ripple’s market capitalization reached $163.9 billion, surpassing USDT to become the third-largest cryptocurrency, according to crypto.news price trackers.
Trump’s strategy differs from his prior idea of a Bitcoin reserve, which simply meant the US keeping its current Bitcoin holdings. The strategic reserve, on the other hand, entails actively accumulating cryptocurrencies. The crypto community is split on this decision.
Some argue that Bitcoin should be the reserve’s only asset due to its security and decentralization. Some worry that a government-controlled crypto reserve would undermine the dollar and be vulnerable to future political shifts.
Republican senators have praised the announcement, seeing it as a way for the US to maintain a prominent position in the evolving global financial system and combat China’s digital yuan’s dominance.
Despite the increase, the Crypto Fear & Greed Index remains in the “Fear” zone at 33, though it has climbed seven points since March 1.
Roger that! Toncoin (TON) Value Forecast for March 26th
