Bitcoin surges beyond $95,000 following Trump's US crypto reserve announcement
What's the story
Bitcoin witnessed a massive surge, crossing the $95,000 mark after US President Donald Trump announced plans for a massive US crypto reserve.
The cryptocurrency's value crossed the $94,000 mark on Sunday evening and peaked at $95,136 according to Investopedia.
This is a significant jump from its previous valuation of around $85,166 at around 9pm on Sunday.
Market reaction
Trump's announcement propels cryptocurrency market
The cryptocurrency market responded favorably to Trump's announcement regarding the establishment of a Crypto Strategic Reserve in the US.
The reserve is intended to strengthen America's crypto industry.
"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.
Altcoin surge
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 at the same time while Cardano token (ADA) skyrocketed an astonishing 71% to $1.1 from $0.64 at the same time as well.
Strategic vision
Trump aims to position US as global crypto leader
Apart from naming specific cryptocurrencies, Trump's announcement also details a wider strategic vision for the US.
"I will make sure the US 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."