Trump's Strong Crypto Endorsement Triggers Massive Market Rally: Bitcoin, Ethereum, and Others Surge

Trump's Strong Crypto Endorsement Triggers Massive Market Rally: Bitcoin, Ethereum, and Others SurgeThe cryptocurrency market, after a period of continuous decline, experienced a strong rebound on the evening of March 2nd. The immediate catalyst was a series of posts by US President Trump on social media

Trump's Strong Crypto Endorsement Triggers Massive Market Rally: Bitcoin, Ethereum, and Others Surge

The cryptocurrency market, after a period of continuous decline, experienced a strong rebound on the evening of March 2nd. The immediate catalyst was a series of posts by US President Trump on social media. On the evening of March 2nd (Beijing time), Trump announced on his social media account that he had instructed a presidential task force to advance a strategic reserve plan for cryptocurrencies, including XRP, SOL, and ADA. He explicitly stated, "I will ensure that America becomes the world's crypto capital." This news swiftly triggered significant market volatility, with XRP, SOL, and ADA prices surging.

Trump's statements extended beyond support for XRP, SOL, and ADA. In a subsequent post, he directly named Bitcoin (BTC) and Ethereum (ETH), saying, "Clearly, Bitcoin (BTC) and Ethereum (ETH), like other valuable cryptocurrencies, will be core to the reserve. I also like Bitcoin and Ethereum!" This injected significant confidence into the market, leading to a collective upswing in the overall crypto market.

Influenced by Trump's statements, the price of Bitcoin briefly soared to $95,000, although it later retreated slightly to around $93,000, still representing a 24-hour increase of over 6%. Ethereum also performed strongly, rising to around $2466, a 24-hour increase exceeding 10%. Furthermore, SOL, Dogecoin, and other cryptocurrencies saw 24-hour gains of over 10%, indicating high market enthusiasm.

XRP, specifically mentioned by Trump, showed particularly strong performance, with its price rising by over $3 at one point, eventually settling around $2.8, a gain of over 8%. ADA rebounded from $0.63 to over $1, achieving a staggering 24-hour increase of over 20%. This rebound wasn't just reflected in price increases but also in a significant shift in market sentiment. The previously low market confidence was significantly boosted by Trump's strong endorsement.

It's noteworthy that in the early hours of March 3rd (Beijing time), David Sacks, the White House AI and Cryptocurrency Officer appointed by Trump, further corroborated Trump's stance on X (formerly Twitter). Sacks stated that President Trump's announcement of establishing a crypto strategic reserve consisting of Bitcoin and other top cryptocurrencies aligns with Executive Order 14178 issued in his first week in office. Sacks emphasized that President Trump is fulfilling his pledge to make the US the "world's crypto capital."

In fact, Trump's positive attitude towards cryptocurrencies isn't a recent development. As early as January, following his inauguration, Trump issued an executive order establishing a Presidential Digital Asset Market Working Group, with the core goal of strengthening America's leadership in the digital finance sector. This executive order explicitly stated the working group's tasks, including developing a federal regulatory framework for digital assets, including stablecoins, and assessing the feasibility of establishing a strategic national digital asset reserve. The order also mentioned Trump's commitment to making the US the "world's crypto capital."

Trump's actions have had a profound impact on the global cryptocurrency market. His statements not only directly caused significant price increases but also signaled the increasing importance the US government places on the cryptocurrency industry. This is a significant boost for a market long plagued by regulatory uncertainty. The event highlights the immense influence government policies have on cryptocurrency market volatility. Trump's public support not only boosted market confidence but also opened up new possibilities for the future development of cryptocurrencies.

However, caution is warranted regarding this market rebound. While Trump's statements provided short-term benefits, the long-term trajectory of the cryptocurrency market is still subject to various factors, including macroeconomic conditions, regulatory policies, and technological advancements. Investors should invest rationally, avoid blindly following the trend, and not consider Trump's statements an absolute guarantee of long-term market growth. The sustainability of this rebound remains to be seen.

In conclusion, Trump's public support for cryptocurrencies has significantly impacted market sentiment, triggering a strong rebound in major cryptocurrencies like Bitcoin and Ethereum. However, this is merely a snapshot of market fluctuations, and investors must remain cautious, closely monitor market dynamics, and make rational investment decisions. The direction of the Trump administration's cryptocurrency policies and the development of future regulatory frameworks will continue to have a profound impact on the cryptocurrency market and warrant ongoing attention. This event also reminds us that government policies are a key factor influencing the cryptocurrency market, and investors should closely monitor relevant policy developments and manage risk effectively. Whether Trump's promises will be fulfilled and whether the US will ultimately become the "world's crypto capital" remains to be seen. Undeniably, however, this event will be recorded in the annals of cryptocurrency market history.

Trump's clear statements, and the subsequent response from White House officials, have undoubtedly injected strong confidence into the cryptocurrency market. This is reflected not only in short-term price increases but more importantly in the positive impact on long-term development expectations. In the future, the US government's cryptocurrency regulatory policies, and the Trump administration's specific actions in this area, will continue to be closely watched by the global cryptocurrency market and will have a profound impact on market trends. Therefore, continuous monitoring of relevant policy developments is crucial for investors. The cryptocurrency market is volatile; invest cautiously.