Why Crypto Market Is Going Up Today?
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President Donald Trump announced five cryptocurrencies he wants to include in a new strategic reserve to make the U.S. “the Crypto Capital of the World.” Following the announcement, Bitcoin, Ethereum, XRP, Solana, and Cardano’s prices quickly rose.
The posts sparked a rise in crypto prices, which had fallen sharply after their initial surge following his election. Interestingly, a crypto whale who placed large 50x leverage long bets on Bitcoin and Ether before President Trump’s Crypto Strategic Reserve announcement has made nearly $7 million in profit.
But Concerns Prevail
However, Some tech and crypto leaders, along with “Bitcoin maximalists,” have criticized Trump’s plan to include coins other than Bitcoin in the reserve. Peter Schiff, a well-known Bitcoin and crypto critic, stated, “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. Bitcoin is digital gold, better than analog gold. But what’s the rationale for an XRP reserve? He shared.
Coinbase CEO Brian Armstrong also responded suggesting that Bitcoin alone would be the best choice. “Just Bitcoin would probably be the best option — simplest, and clear story as successor to gold,” Armstrong wrote, adding that he was still forming an opinion on asset allocation.
Miscalculation By Trump?
Bitwise’s head of alpha strategies, Jeff Park, said it was a “huge political miscalculation by Trump in underestimating just how crucial it was for the Strategic Reserve to focus solely on Bitcoin.”
During his campaign, Trump strongly supported the crypto community, while Biden took a tougher stance on crypto due to fraud and money laundering concerns. The details of Trump’s new crypto stockpile are not clear yet, but more details could be revealed at the Crypto Summit on Friday.
Crypto Summit Upcoming- Bullish News?
Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to meet Bo Hines and David Sacks to discuss regulations and stablecoin oversight, among other topics, as cryptocurrency prices make a modest recovery from their recent drop.
The Crypto Summit follows Trump’s SEC, led by Mark T. Uyeda, dropping several major lawsuits and investigations. The SEC recently ended its case against Coinbase, dropped probes into Gemini, OpenSea, Uniswap, and Robinhood, and could soon wrap up its case against Justin Sun. A judge also dismissed the SEC’s case against Richard Heart, though the agency may file a new complaint.
