Bitcoin Hits $92,000 as Donald Trump Announces Crypto Strategic Reserve A Game-Changer for the Market?
Summary: The surge comes after Donald Trump’s announcement regarding the creation of a “Crypto Strategic Reserve”, a move that has fueled optimism in the digital asset space. This initiative aims to bolster national security and strengthen the financial ecosystem, signaling an unprecedented level of political endorsement for cryptocurrency.
Bitcoin’s Price Surge Amid Political Influence
Bitcoin (BTC) has once again captured global attention after surging to $92,890 (~Rs. 81.14 lakh) on international exchanges, marking a 9% increase over the weekend. This rebound follows last week’s dip to $80,020 (~Rs. 69.9 lakh), indicating renewed investor confidence. In India, BTC is trading at $96,750 (~Rs. 96.75 lakh), reflecting an 8% rise on local exchanges.
The surge comes after Donald Trump’s announcement regarding the creation of a “Crypto Strategic Reserve”, a move that has fueled optimism in the digital asset space. This initiative aims to bolster national security and strengthen the financial ecosystem, signaling an unprecedented level of political endorsement for cryptocurrency.
Market Reactions and Expert Opinions
Industry leaders have weighed in on the implications of Trump’s decision.
“Donald Trump’s declaration of a ‘Crypto Strategic Reserve’ comes at a crucial time when macroeconomic uncertainties around crypto are at their peak. This move signals a radical shift, driven by political power and strategic financial planning,” said Avinash Shekhar, Co-Founder & CEO of Pi42, in an interview with Gadgets 360.
Notably, Peter Schiff, a renowned gold investor and longtime crypto skeptic, expressed an unexpected shift in sentiment. While acknowledging Bitcoin’s potential as a reserve asset, Schiff advised caution regarding altcoins like XRP, Solana (SOL), and Cardano (ADA), stating that their long-term viability remains uncertain.
Altcoins and Ethereum Join the Rally
Bitcoin’s momentum has positively impacted other major cryptocurrencies:
- Ethereum (ETH) saw a 10% increase, reaching $2,447 (~Rs. 2.13 lakh) globally and $2,548 (~Rs. 2.22 lakh) on Indian exchanges.
- Altcoins such as Ripple (XRP), Binance Coin (BNB), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) also recorded notable gains.
- Meme coins and DeFi tokens like Shiba Inu (SHIB), Tron (TRX), and Avalanche (AVAX) surged in price, benefiting from heightened market optimism.
Global Crypto Market Cap and Investor Outlook
With the recent uptrend, the total crypto market cap has surged by 8.90% in the past 24 hours, now standing at $3.08 trillion (~Rs. 3,34,59,454 crore), as per CoinMarketCap.
However, market analysts advise cautious optimism, highlighting the potential for short-term volatility.
“Investors must keep a close eye on the market for any pullbacks. While the overall sentiment is bullish, it’s important to factor in geopolitical influences and regulatory changes,” said Edul Patel, CEO and co-founder of Mudrex.
Regulatory Concerns and Future Outlook
While the crypto community celebrates Bitcoin’s milestone, questions remain regarding regulatory implications. With Trump’s crypto reserve plan, some experts anticipate stricter U.S. regulations, which could impact global markets. Meanwhile, India’s stance on cryptocurrency taxation and regulation remains a key area of concern for local investors.
Bitcoin’s $92,000 surge underscores the growing intersection of politics and digital assets, with Trump’s announcement acting as a catalyst for renewed bullish sentiment. Whether this momentum sustains will depend on market fundamentals, regulatory decisions, and institutional adoption in the coming months.
Last Updated on 2025/03/03 at 4:26 PM by News Centre24 Team
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