Trump "US Crypto Reserves Will Boost Crisis-Hit Industry"
Specific mention of crypto reserves... "BTC, ETH, XRP, SOL, ADA"
BTC up 9%, altcoins surge 15%... "Clear upward trend"
);)
President Trump posted on his social media platform 'Truth Social' that "America's crypto reserves will boost this industry, which has fallen into crisis after years of corrupt attacks by the Biden administration." He further stated that "America's crypto strategy reserves will be centered around Bitcoin (BTC) and Ethereum (ETH), and will also include XRP, Solana (SOL), and Cardano (ADA)."
The US government's crypto strategy reserves refer to the policy of designating cryptocurrencies as a key asset and stockpiling them above a certain level. The US government's representative strategic asset is oil.
The US government's crypto strategy reserves is a campaign promise made by Trump when he ran for US President last year, and he spoke about it at the Bitcoin 2024 conference in Nashville, Tennessee. This was a key promise that linked Trump to being a 'pro-crypto president', and was seen as a potential boon for the crypto market after he was elected the 47th US President.
However, after taking office, Trump's silence caused the crypto market to continue its downward trend, coupled with various negative factors. Particularly recently, the crypto market plummeted along with the broader asset market decline, as Trump threatened to impose high tariffs on major trading partners like China, Canada, and Mexico. The liquidations in the futures market accelerated the crypto market's decline.
With just one remark from Trump, the crypto market surged over 15% on average on the 3rd. Bitcoin broke through $90,000, rising about 9%, and the major altcoins he mentioned rose 12%, 32%, 21%, and 67% respectively. Other altcoins also rose about 15%, putting the market on a clear upward trend.
