Trump Boosts Bitcoin and Ethereum: Crypto Surge After Reserve Clarification
1min read Bitcoin and Ethereum have surged in value over the past day, with both cryptocurrencies experiencing gains of more than 10%. This sudden increase comes on the heels of a clarification from President Donald Trump regarding a planned U.S. crypto reserve. As of now, Bitcoin is up nearly 11% to a current price of $94,130, according to data from CoinGecko, while Ethereum has popped by nearly 14% to a price just above $2,500.
In a series of posts on Truth Social, Trump initially mentioned XRP, Solana, and Cardano as key components of the planned crypto strategic reserve. However, he later clarified that Bitcoin and Ethereum would also be included, stating that these two cryptocurrencies would be the "heart of the reserve." Despite not being mentioned in the initial post, Bitcoin and Ethereum have still seen significant gains, with Bitcoin clawing back recent losses and Ethereum posting a substantial increase.
While Bitcoin and Ethereum have shown sizable gains, the other assets mentioned by Trump have experienced even more significant increases. XRP is up 35% to a current price of $2.92, Solana has risen 24% to about $175, and Cardano is leading the pack with an enormous 68% spike to $1.07 as of this writing.
This news comes amidst a period of volatility for the cryptocurrency market, with Bitcoin having fallen as low as $78,940 on Friday. Despite the recent gains, both Bitcoin and Ethereum remain down over the past week, with Bitcoin down more than 1% and Ethereum down 11%. The market will continue to watch for further developments regarding the planned U.S. crypto reserve and its potential impact on the prices of these cryptocurrencies.
