Bitcoin Price USD: For cryptocurrencies, all it takes to trigger a price movement is a mere social media post by a strong personality. Atleast, that's what it looks like as of now. US President Trump's recent post on the social media platform Truth sent the price of various cryptocurrencies sky-high. After experiencing a downward trajectory and trading below the psychological $80k price level for a brief period, Bitcoin surged over $94k on Sunday. Other crypto coins, including Solana, XRP, and Ethereum followed the trail.
The overall market capitalisation of all cryptocurrencies surged by more than 9.3% and stood at $3.09 trillion as per CoinMarketCap.
"A 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. I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" Trump said in a social media post.
His initial post left investors guessing why Bitcoin, the dominant cryptocurrency, wasn’t mentioned. But just an hour later, Trump added to his post, "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!" Bitcoin's market cap surged over 8% and was trading above $93k price level on Monday morning (IST). Whereas, Ethereum surpassed the $2,500 price level alongside a 10% rise in overall market cap. XRP and ADA witnessed a much stronger rise, surging over 24% and 58%, respectively, according to CoinMarketCap data.
A temporary blip or an incoming rally?
Just last week, Bitcoin's market cap took a sharp hit as its price saw its biggest monthly drop since June 2022, making February one of its worst months in the past decade. However, Trump's strong backing has once again pushed the price of the VDAs (Virtual Digital Assets) sky-high, just like it did before.
While concerns over speculations continue to loom, some are viewing Trump's call for a separate 'crypto reserve' as a positive move for the industry. Ashish Singhal, co-founder of CoinSwitch (a crypto trading platform) called the move the beginning of "the golden age of crypto."
"As other countries jump in and race to accumulate VDAs, crypto prices will soar. Regulations will follow, and India, too, will shift towards a pro-crypto stance. This will help in attracting top talent while also encouraging Indian talent to stay and innovate within the country," he further said.
