Bitcoin saw a 12% surge to $95K after Trump backed adding cryptos to the US Crypto Reserve, offsetting the negative sentiment associated with the $2.61B in Bitcoin ETF outflows last week.
On Sunday, March. 2, President Trump revived the strategic crypto reserve debate when he named the cryptos he would like added to this vehicle in a post on Truth Social. He started by claiming the reserve would include Ripple, Solana, and Cardano before adding that “BTC and ETH, as other valuable cryptocurrencies will be at the heart of the Reserve.”
Following the post, all five coins posted significant surges in price with Bitcoin rallying close to 12%, by a record $10,000 from the lows of $85,040 to an intraday high of $95,043. The legacy digital asset also witnessed a massive spike in trading activity with the daily trading volume surging by more than 220% to $73 Billion.
Overall, the crypto market added more than $330 billion to its market cap after rallying by 11%, which helped it climb back above $3 trillion.
Bitcoin & Crypto Investors Hopeful About Upcoming White House Crypto Summit
Trump’s announcement came days before the much-anticipated White House crypto summit. Last Friday, the White House Office of Communications announced that Trump would host the first crypto summit on Friday, March 7.
The summit will be chaired by the White House A.I & crypto czar David Sacks and attendees will include “prominent founders, CEOs, and investors in the crypto industry as well as members of the President’s Working Group on Digital Assets.”
These events helped curb the negative impact that a series of Bitcoin-related crypto news would have had on BTC’s price action. The first was the report that Bitcoin ETFs recorded the worst weekly performance with net outflows exceeding $2.61 Billion in the last week of February.
At the height of the Bitcoin meltdown, the Swiss National Bank rejected the idea of Bitcoin reserves, citing volatility and security risks.
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