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Home » Bitcoin Surges 20%, Cardano Jumps 60% as Trump Announces Cryptocurrency Reserve Plans

Bitcoin Surges 20%, Cardano Jumps 60% as Trump Announces Cryptocurrency Reserve Plans

Joan Aimuengheuwa by Joan Aimuengheuwa
March 3, 2025
in Digital Assets
1
Bitcoin Surges 20%, Cardano Jumps 60% as Trump Announces Cryptocurrency Reserve Plans
Source: Newsweek

Source: Newsweek

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Bitcoin and other major cryptocurrencies saw a sharp rise on Monday following U.S. President Donald Trump’s announcement of a planned strategic reserve that would include digital assets. 

The news, shared via Trump’s social media platform, led to renewed investor confidence, reversing recent losses in the crypto market.

Bitcoin jumped over 20% from its Friday lows, climbing from $78,273 to approximately $91,605. Ether also recorded a 20% surge, reaching $2,351. Other cryptocurrencies, including XRP, Solana, and Cardano, experienced even higher gains, with Cardano rising by 60%.

Trump’s executive order from January had initially pointed to the creation of a digital asset reserve, but the specific tokens to be included were undisclosed until his latest announcement. “Bitcoin and ether will be at the heart of this reserve,” Trump stated on Truth Social. 

His post appears to have reignited market positivity, particularly among investors who had been disappointed by the lack of regulatory changes following his election victory.

Market analysts say Trump’s endorsement has injected new growth into the crypto space. Matt Simpson, senior market analyst at City Index, remarked, “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.” He suggested that unless another wave of risk-off selling emerges, new price highs could be reached.

There is speculation that this bullish trend might continue ahead of the White House Crypto Summit scheduled for Friday. Chris Weston, head of research at Pepperstone, noted that while optimism is driving the rally, market trends could still influence sentiment.

Despite the surge, there are still issues about the potential structure and funding of the proposed reserve. Tony Sycamore, an analyst at IG Markets, raised questions about whether the reserve would be financed by taxpayers or consist of assets seized in law enforcement actions. 

He pointed out that if the latter is the case, “it simply represents a transfer between accounts rather than new buying entering the market.”

Bitcoin has had a volatile year, dropping over 17% in February—the largest monthly decline since June 2022—after briefly surpassing $105,000 in early January. However, expectations that the Trump administration would take a more crypto-friendly stance had initially fueled its rise post-election.

Some experts are sceptical about the long-term implications of government involvement in a space that was originally built on decentralisation. Kathleen Brooks, research director at XTB, underlined the irony, saying, “A currency that was designed to be isolated from government interference and decentralised is now reliant on the U.S. government for its fortunes.”

With Trump engaging with the crypto industry, his administration has already rolled back regulations initiated under President Joe Biden. 

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