Bitcoin price jumps 20% amid Trump's announcement of creation of US crypto reserve

On Monday, March 3, Bitcoin rose more than 20% from last week's lows after the US President announced plans to include it in a new US strategic crypto reserve.

This is reported by Economic Pravda with reference to Reuters.

On the social network Truth Social, Trump wrote that according to his January decree on digital assets, a strategic reserve will be created, to which Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Cardano (ADA) will be added.

Against this background, Bitcoin rose to USD 93,057, compared to USD 78,273 on Friday.

Ethereum has grown by 10% since the close of trading on Friday, rising to the level of USD 2,450, XRP has grown by 31%, Solana - by 15%, and Cardano - by 69%.

“Trump has provided the boost crypto traders have been waiting for,” said Matt Simpson, senior market analyst at City Index.

“The confidence that was lost last week appears to have been restored and new highs could be reached if there is no further sell-off,” he added.

Bitcoin fell more than 17% in February, posting its biggest monthly percentage drop since June 2022 and losing more than a third of its price since breaking above USD 105,000 in early January.

“Bitcoin’s rally since Trump’s election in November has been fueled by optimism that he will champion a strategic Bitcoin fund. But apart from a flurry of crypto-friendly appointments since Trump took office, there has been little concrete news about this policy for investors,” Reuters summarizes.

As Ukrainian News Agency earlier reported, Trump's tariffs, which were imposed in early February, shook the markets, causing Bitcoin to fall below USD 100,000 on February 3.