Bitcoin experienced a significant jump of 12%, reaching $95,000, after former President Trump voiced his support for including digital currencies in the U.S. Crypto Reserve. This surge helped counteract the negative impact of $2.61 billion in Bitcoin ETF outflows observed the previous week.
On Sunday, March 2nd, the conversation around establishing a strategic digital currency reserve was reignited when President Trump mentioned specific cryptocurrencies he’d like to see included. This statement was made in a social media post. Initially, he suggested Ripple, Solana, and Cardano for the reserve, later adding that “BTC and ETH, being valuable cryptocurrencies, will be central to the Reserve.”
Following Trump’s remarks, all five cryptocurrencies saw notable price increases. Bitcoin itself jumped nearly 12%, climbing approximately $10,000 from a low of $85,040 to a daily high of $95,043. The cryptocurrency also experienced a significant surge in trading activity, with daily trading volume increasing by over 220% to reach $73 billion.
The broader cryptocurrency market witnessed a substantial gain of over $330 billion in market capitalization after an 11% overall rally, pushing it back above the $3 trillion mark.
Crypto Community Optimistic About Upcoming White House Digital Asset Gathering
Trump’s statement comes shortly before the widely anticipated White House digital currency summit. The White House Office of Communications announced that Trump will host the inaugural summit on Friday, March 7th.
The summit will be overseen by David Sacks, the White House’s A.I. & crypto lead, and will include “leading figures, CEOs, and investors from the digital currency sector, as well as members of the President’s Working Group on Digital Assets.”
These events helped to mitigate the potential negative consequences of several Bitcoin-related news items on Bitcoin’s price movement. One of these was the report highlighting the worst weekly performance for Bitcoin ETFs, with net outflows surpassing $2.61 billion in the final week of February.
Also, during the peak of Bitcoin’s downturn, the Swiss National Bank rejected the idea of incorporating Bitcoin into its reserves, citing concerns about volatility and security vulnerabilities.
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