2025-3-3 10:47 |
The cryptocurrency market saw a sharp rally, gaining $300 billion in value after US President Donald Trump announced plans to establish a national crypto strategic reserve.
The move, outlined in an executive order, signals the government’s intent to accumulate digital assets, reinforcing the US’s position in the global crypto landscape.
Trump’s announcement, made via Truth Social on March 2, emphasized his vision of making the US the “Crypto Capital of the World.”
The executive order directs the Presidential Working Group on Digital Assets to advance plans for a federally managed crypto reserve, which will include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
In response, Bitcoin surged 8% in 24 hours, surpassing $93,000, while Ethereum gained 11%.
Among altcoins, Cardano saw the biggest jump, soaring 66%, followed by Solana at 20% and XRP at 28%.
With a market capitalization of $163.9 billion, XRP overtook Tether (USDT) to become the third-largest cryptocurrency.
The concept of a US crypto reserve marks a shift from Trump’s earlier proposal of merely holding Bitcoin.
Instead, the plan suggests a proactive strategy of accumulating multiple digital assets.
The announcement has sparked debate within the crypto community.
Some argue that Bitcoin alone should be prioritized due to its security and decentralization, while others express concerns about government control over a crypto reserve, fearing potential impacts on the US dollar and regulatory shifts.
The initiative has received backing from Republican senators, who view it as a step toward strengthening the US’s financial standing in an evolving digital economy while countering China’s dominance with the digital yuan.
Despite the surge in market value, investor sentiment remains cautious.
The Crypto Fear & Greed Index, while improving by seven points since March 1, remains in the ‘Fear’ zone at 33.
Market participants are assessing the long-term implications of federal involvement in cryptocurrency management.
Investors now await further developments at an upcoming crypto summit, where officials are expected to provide more details on the reserve’s structure, regulatory considerations, and future policy direction.
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