US President Donald Trump's social media announcement on March 2 about a digital asset reserve and his backing of Bitcoin caused its value to surge by nearly 11%.

The OG token reclaimed $90,000 first and then rose to a high of above $94,000 after Trump's nudge for the crypto sector.

U.S. President Donald Trump’s social media announcement of a digital asset reserve and his support for Bitcoin on Sunday led to nearly 11% surge in the world’s largest cryptocurrency.

The OG token, which had previously fallen below $80,000 during the past week amid selloff in risk assets triggered by Trump’s trade tariff rhetoric, first reclaimed $90,000 and then rose above $94,000 following the president’s nudge for the crypto sector.

Sunday afternoon saw over 11% increase in the aggregate market value of the cryptocurrency sector to $3.12 trillion, marking a return of Trump’s rhetorical impact on valuations.

The president announced the impending creation of a strategic digital asset reserve in a post on Truth Social, hinting that SOL, XRP, and ADA could be part of its composition.

“A 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. I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump first stated.

Shortly after that, he returned to the platform to highlight Ethereum and Bitcoin, increasing attention on these two major tokens and their momentum.

“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum,” Trump added.

The OG token hit an intraday high of $95,064 but was still around 14% lower than its all-time high of over $109,000 on Trump’s inauguration day in January.

Other crypto tokens also gained significantly.

ETH outpaced its counterpart, surging more than 12% to trade above $2,400, while XRP rose nearly 35%.

SOL soared about 25%, and Ripple went up nearly 30%.

The biggest gainer was ADA, which experienced an extraordinary surge of over 65%.

After a crash in February, the concerns of where the next trigger is going to come had investors worried.

Cryptos had slipped into a technical bear market as optimism after Donald Trump’s election win had started to fade.

To put that surge on Sunday into context, Bitcoin crashed below $80,000 last week after a selloff in risk assets triggered by Trump’s trade tariff rhetoric.

Last month, as interest in cryptocurrencies diminished following Donald Trump’s election victory, Bitcoin’s price fell by a greater percentage than in any previous month since June 2022, slipping into a bear market.

Amidst widespread pessimism in the financial markets, the price of Bitcoin decreased by 17.5% in February, marking the biggest monthly decline since June 2022 and the eleventh worst month in the past decade.

After reaching a three-month low of around $78,273 during Friday’s trade, the world’s largest cryptocurrency asset concluded February at approximately $84,252.

Some of the most vocal advocates for the biggest digital token were disappointed when they saw that the January executive order didn't specifically address Bitcoin. They had been waiting months for a Bitcoin Fort Knox similar to gold reserves.

The executive order lacked any clear implication for a Bitcoin reserve.

Following Trump’s victory, and before he took office, discussion of a crypto-friendly White House and the potential creation of a Bitcoin strategic reserve led to a surge in cryptocurrency prices.

As investors anticipated the Trump administration to unveil a crypto-friendly regulatory framework, their confidence had diminished.

The February cyberattack that stole $1.5 billion worth of digital assets from the Bybit exchange also dampened sentiment.

However, Trump lit a fire under Bitcoin, skyrocketing after the president announced that his administration was working on setting up a digital asset reserve, an idea he had previously discussed during his 2024 presidential campaign.

“My Executive Order on Digital Assets has Presidential Working Group setting up a Crypto Strategic Reserve, which will include XRP, SOL, and ADA. We will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump posted on X, formerly known as Twitter.

He added that the administration was working on a strategic asset crypto reserve, which would include setting up a framework for the best digital asset pegged to the US dollar.

The president's post comes after a report by The Block revealed that the administration was planning to create a digital asset task force to streamline government efforts in overseeing the cryptocurrency sector.

The report also stated that the task force would be part of a broader initiative focused on advancing US leadership in blockchain and Web3 technologies.

The move is in response to concerns that China and other nations