The price of Bitcoin experienced a decline, falling almost 4% to $89,251.51 by 8:30 PM Indian Standard Time (IST) on Monday, March 3rd. This is in comparison to its value of $92,807 recorded on Sunday, March 2nd, based on information gathered from Coinmarketcap.
Bitcoin traded at $90,573.10 around 11:07 PM (IST) on Monday, March 3rd. This leading cryptocurrency had surged past the $95,000 mark on Sunday following an announcement by former United States President Donald Trump regarding plans to establish a Crypto Strategic Reserve.
Bitcoin’s overall market capitalization decreased by approximately 4.6%, reaching $1.79 trillion during Monday’s crypto market trading session.
The broader cryptocurrency market mirrored Bitcoin’s performance. Investors apparently viewed Trump’s announcement as a potentially positive development, aligning with what many interpret as the former Trump administration’s desire to stimulate the nation’s cryptocurrency sector.
“A U.S. Crypto Reserve would significantly strengthen this vital industry after years of unfair targeting by the Biden Administration. This is why my Executive Order on Digital Assets instructed the Presidential Working Group to develop a Crypto Strategic Reserve, potentially including XRP, SOL, and ADA,” stated Donald Trump in a post on Truth Social.
Crypto Coins: How They Performed
Former US President Donald Trump’s social media post also referenced various other cryptocurrencies, including Ethereum, XRP, Solana, and Cardano. While these coins initially saw increases following the announcement, they are currently trading at values lower than their levels from 24 hours prior.
Ethereum, the second-largest cryptocurrency by market capitalization, experienced a loss of 9.16% and was trading at $2,261.83 on Monday.
The XRP token (XRP) fell by 9.47% to $2.59, bringing the digital asset’s market capitalization to $150.43 billion, according to Coinmarketcap data.
The Cardano token (ADA) declined by nearly 7%, trading at $0.9536 with a market cap of $33.57 billion, according to the data. The Solana token (SOL) was trading almost 8% lower compared to its value in the previous day’s trading, at $155.55.
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