Key Points
- Yesterday, BTC climbed above $94,000, after US President announced a national Crypto Reserve.
- Trump’s announcement included XRP, SOL, ADA, BTC, and ETH.
On March 2, Bitcoin recorded a significant price recovery above $94,000, fueled by optimism stemming from the latest announcement made by the US President, Donald Trump, regarding a Crypto Reserve in the US.
Bitcoin Price Surged Above $94,000
At the moment of writing this article, BTC is trading above $92,000, up by almost 7% in the last 24 hours.
On Friday, BTC prices dropped to $78,000 levels as almost $5 billion in BTC options expired, but the digital asset recorded a significant price recovery since then.
Yesterday, BTC surged from around $85,000 to prices above $94,000, as Trump announced a US Crypto Reserve.
Trump Announced a US Crypto Reserve
On March 2nd, Trump announced a Crypto Reserve in the US which will elevate the industry after years of “corrupt attacks” by the Biden Administration.
In his post, the US President said that his Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. He also mentioned BTC and ETH and other upcoming valuable digital assets to be included in the national crypto reserve, highlighting that he loves BTC and ETH.
Trump reiterated his promise to make America the Crypto Capital of the World.
Today, Trump’s son, Eric Trump re-posted his father’s messages on X saying that he loves the genius of making the important announcement on Sunday, when traditional markets are closed and Wall Street sleeps.
He said that, for the first time, retail investors win, and traditional finance better catch up or it will become extinct.
Binance’s CZ also highlighted the important announcement, saying that this is a fantastic start for the industry and telling his followers to be happy and keep building.
Trump’s announcement boosted the crypto market which is up by over 6% in the past 24 hours. This is an important economic week that could send BTC and crypto prices even higher.
An Important Macro Economic Week Ahead
Greeks.live shared a post on X today, highlighting the importance of this week.
Here are some of the essential upcoming events of the week:
- Trump will set exact levels for tariffs on Canada and Mexico. (March 4)
- The US Fed will release important notes on economic conditions. (March 6)
- The US will release the initial jobless claims for the week. (March 6)
- ECB President Christine Lagarde will hold a monetary press conference. (March 6)
- The US unemployment rate for February will be released. (March 7)
- President Trump will host a Crypto Summit at the White House. (March 7)
All these events are important for BTC and the crypto industry as they could boost prices even higher, especially amidst US Presidential support.
