The price of Bitcoin surged to $93,000 on Monday following US President Donald Trump’s statement regarding a strategic crypto reserve.
Trump declaring his love for Bitcoin and Ethereum, adding that these cryptocurrencies, along with altcoins like XRP, Solana, and Cardano, would play a central role in his proposed reserve.
The announcement caused investors to buy heavily, which resulted in an 8% Bitcoin price increase during an unusual weekend market boost. Bitcoin reached a peak of nearly $95,000 on Bitstamp after the market volatility and limited weekend trading liquidity propelled its price. It was last trading around $93,057, up from Friday’s $78,273.
Bitcoin fell more than 17% in February, clocking its biggest monthly percentage fall since June 2022 and losing more than a third of its price since topping $105,000 in early January.
It’s rally since Trump’s November election was spurred by optimism that the crypto-friendly president would champion a strategic bitcoin fund and end the previous Joe Biden administration’s crackdown on the industry.
