Crypto prices rally after Trump backs 'crypto reserve'
Published On Mar 2, 2025, 5:29 PM
US President Donald Trump has announced his support for five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano—suggesting they should be included in a proposed national crypto reserve aimed at establishing the US as the 'Crypto Capital of the World'. Following his remarks, prices for these cryptocurrencies experienced significant increases, with some rising by as much as 62%. Trump's pivot to support crypto comes after a harsh stance under President Biden, and it raises questions about the regulatory framework for digital assets moving forward, as more details are expected in an upcoming Crypto Summit at the White House.
Stock Forecasts
BTC
Positive
The announcement of a national crypto reserve could significantly boost the legitimacy and market trust in the supported cryptocurrencies, especially after previous regulatory crackdowns. This news could draw institutional interest and further investments into these assets, leading to a positive outlook for the suggested cryptocurrencies.
ETH
Positive
Ethereum (ETH) stands to gain substantially from increased regulatory clarity and institutional acceptance, which could stem from Trump's proposed reserve. Market confidence in ETH has been volatile but favorable sentiment from a high-profile figure like Trump could lead to price appreciation.
SOL
Positive
Solana's inclusion could highlight its growing ecosystem and scalability. Enhanced governmental backing might lead to increased investments and speculation, making it a favorable asset for short to medium-term growth.
Related News
Cryptocurrency theft of £1.1bn could be biggest ever
Feb 21, 2025, 8:49 PM
Dubai-based Bybit said it could afford to reimburse customers and that it was working to find the hackers.
Prominent Cryptocurrency Investor Faces Senate Tax Inquiry
Feb 14, 2025, 9:02 PM
The Finance Committee’s top Democrat sent a letter last month to Dan Morehead, the founder of Pantera Capital, about the investigation.
Trump’s Volatile New Memecoin Sucks Flows, Saps Wider Crypto Market
Jan 19, 2025, 6:40 PM
(Bloomberg) -- A digital token debuted by President-elect Donald Trump has rattled the cryptocurrency market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.Most Read from BloombergNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesHow Sanctuary Cities Are Preparing for Another Showdown With TrumpWhat LA’s Fires Mean for the City’s Housing ShortageScaramucci, Ackman Donate to Whitney Tilson’s NYC Mayoral RunDeadly Landslide of Gar