Bitcoin Soars Past $95K After Trump Announces Inclusion of Blue-Chip Coins in U.S. Strategic Cryptocurrency Reserve

The cryptocurrency market soared Sunday after President Donald Trump announced the inclusion of blue-chip coins in a U.S. strategic cryptocurrency reserve.

The cryptocurrency market experienced a significant surge on Sunday following President Donald Trump's announcement regarding the inclusion of blue-chip coins in a U.S. strategic cryptocurrency reserve.

President Trump took to his Truth social account to unveil a cryptocurrency strategic reserve that will hold some of the market's most valued and popular coins. Initially, his post mentioned XRP (CRYPTO: XRP), Cardano (CRYPTO: ADA), and Solana (CRYPTO: SOL), sending these coins soaring. However, after a couple of hours, he updated the post to include Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) at the "heart" of the reserve, stating that he "really loves' the two assets.

The rally resulted in the liquidation of $813 million from the cryptocurrency market in the last 24 hours, with $545 million in short positions being hammered. Bitcoin's Open Interest also surged by 7.26% in the last 24 hours. Furthermore, 55% of traders on Binance were positioned long on the apex cryptocurrency, suggesting more gains might be in store.

The cryptocurrency fear and greed index also improved from "Extreme Fear" to "Fear" following this news.

Here's a look at what happened and what's next:

What Happened: The global cryptocurrency market capitalization now stands at $3.12 trillion, showing a 10.57% increase in the last 24 hours.

On Sunday evening, stock futures experienced a slight decline. Dow Jones Industrial Average futures decreased by 47 points, or 0.11%, as of 8 p.m. ET. Futures tied to the S&P 500 dipped by 0.10%, while Nasdaq 100 futures lost 0.10%.

Also Read: Best Cryptocurrency Scanners

In a note to Benzinga, Chris Kline, COO and co-founder of BitcoinIRA, commented on Trump's announcement and its potential impact.

"With the news of President Trump’s new cryptocurrency strategic initiative, we can expect to see even more positive momentum for the crypto market. As we head into spring, this announcement, along with its implementation by the administration, will serve as a major catalyst, fueling cryptocurrency prices overall headed into spring."

"I wouldn’t be surprised to see Bitcoin reach $100,000 again soon. Perhaps we’ll even witness new all-time highs later this month if this positive momentum continues and market sentiment remains strong."

According to widely followed cryptocurrency analyst Ali Martinez, Bitcoin's bull run is still intact, as indicated by the Adjusted Spent Output Profit Ratio indicator.

This indicator measures the amount of profit or loss realized by users when spending their coins.

The #Bitcoin $BTC bull run remains intact according to the aSORP indicator.

This indicator, which is used to gauge the aggregate actions of all market participants, factors in the degree of realized profit and loss for all coins moved on-chain. pic.twitter.com/GiorLwr2tE

— Ali Martinez (@ali_martinez_) February 25, 2024

The cryptocurrency market has been volatile in recent months, with prices fluctuating sharply. However, the recent rally comes amid growing interest in cryptocurrencies from both retail and institutional investors.

Top Gainer (24 Hour)

Cryptocurrency Price 24H % Change

Solana SOL $26.34 180.33%

What Else: As reported by Benzinga earlier this week, DEGI, a leading blockchain-based iGaming ecosystem, announced a partnership with Triple Eight Ventures to expand its operations in the Southeast Asian market. The partnership aims to integrate Triple Eight Ventures' expertise in Web3 and blockchain technology with DEGI's iGaming platform.

The news of the partnership comes after DEGI secured a full iGaming license in Curaçao, marking a significant milestone in its journey to revolutionize the gaming industry with blockchain technology.

With Triple Eight Ventures' deep understanding of the Southeast Asian market and experience in launching successful blockchain projects, the partnership is set to unlock new opportunities for both companies. Together, they will develop innovative iGaming solutions tailored to the preferences of Southeast Asian players.