February 24 – March 3, 2025
Market Movements
Bitcoin (BTC) experienced a significant surge, reaching $93,000, following President Trump’s announcement of a U.S. strategic cryptocurrency reserve.
thetimes.co.uk Ethereum (ETH) and other major cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA) also saw substantial gains in response to this development.
U.S. Strategic Crypto Reserve
President Trump unveiled plans for a U.S. strategic cryptocurrency reserve, initially including XRP, Cardano (ADA), and Solana (SOL). Subsequently, Bitcoin and Ethereum were also added to this reserve. This initiative aims to bolster support for the cryptocurrency industry and signifies a shift in the administration’s approach to digital assets.
Market Reactions
The announcement led to a notable increase in the market capitalization of these cryptocurrencies. For instance, XRP’s market cap surged by $44 billion within an hour. Bitcoin’s price reached $93,000, adding $166 billion to its market capitalization. This positive sentiment extended to crypto-related stocks, with companies like Strategy (formerly MicroStrategy), Coinbase, and Robinhood experiencing significant gains.
Global Economic Context
The cryptocurrency market’s movements occurred amidst broader economic developments. European shares rose, led by defense stocks, due to increased expectations of defense spending amidst a Europe-led effort for peace in Ukraine. Additionally, the Eurozone’s inflation rate slightly decreased to 2.4%, nearing the European Central Bank’s target, with potential interest rate adjustments anticipated.
These developments underscore the dynamic nature of the cryptocurrency landscape, highlighting both the opportunities and challenges present in the market.
Cryptocurrencies Surge as U.S. Announces Strategic Reserve
thetimes.co.ukCryptocurrencies rocket as Trump unveils US strategic reserveTodaytheguardian.comMarkets climb as defence stocks, euro and pound rally on Europe’s Ukraine peace push – business live
