Bitcoin surges beyond $95,000 following Trump's US crypto reserve announcement

Bitcoin witnessed a massive surge, crossing the $95,000 mark after US President Donald Trump announced plans for a massive US crypto reserve.

US President Donald Trump announced plans on Sunday for a massive US crypto reserve and Bitcoin surged past the $95,000 mark.

After Trump announced plans to establish a Crypto Strategic Reserve in the U.S. to empower and safeguard America's crypto industry, the cryptocurrency market responded quickly.

The move is designed to strengthen America's role in the rapidly evolving domain of digital currencies.

“US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump wrote on Truth Social.

“They will make up the heart of the Reserve, along with Bitcoin and Ethereum. We are setting up a Crypto Strategic Reserve now. It has to be done to countermand the actions of our adversaries and to ensure economic security for our great Nation!” he added.

The president's announcement comes after he signed an executive order in February 2024 to create a framework for the development of U.S. central bank digital currency (CBDC).

The administration is also planning to launch a presidential working group focused on formulating a U.S. strategy for digital assets.

Crypto market responds to Trump’s announcement

Trump's announcement has sparked widespread reactions on social media, with many expressing surprise at the U.S. crypto push.

The cryptocurrency market responded quickly to the news.

After setting the previous evening at around 9pm (Indian Standard Time) in the cryptocurrency market with Bitcoin at $85,166.

But, by Sunday evening, Trump's announcement regarding a U.S. crypto reserve and his broader vision for America's role in the global cryptocurrency domain had a significant impact on the crypto market.

After Trump's post on Truth Social around 6:33pm (IST) on Sunday evening, Bitcoin price crossed the $94,000 mark.

According to data from Investopedia, the cryptocurrency's value crossed the $94,000 mark and went on to peak at $95,136.

This is a significant jump from its previous valuation of around $85,166 at around 9pm on Sunday.

Other cryptocurrencies also see significant increases

Along with Bitcoin, other cryptocurrencies listed in Trump's announcement also witnessed massive gains.

Solana coin (SOL) surged 24% to $175.46, up from $141.47 at around 8:55pm (IST).

XRP token (XRP) jumped nearly 31% to $2.92 from $2.23 in the same period while Cardano token (ADA) skyrocketed an astonishing 71% to $1.1 from $0.64 at the same time as well.

The U.S. president's announcement has put the crypto market in the spotlight.

Apart from naming specific cryptocurrencies, Trump's announcement also details a wider strategic vision for the U.S.

"I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" he declared on Sunday, highlighting his ambition to put America at the helm of the global cryptocurrency industry.

He even pledged his support for Bitcoin and Ethereum, saying they would make "the heart of the Reserve."