Will Bitcoin Breaks $100K
Bitcoin Price Rebounds After Trump Crypto Reserve News. Why It Will Struggle to Break $100,000.
Bitcoin and other cryptocurrencies jumped after President Donald Trump announced a U.S. strategic crypto reserve.
“I will make sure the U.S. is the Crypto Capital of the World,” Trump wrote in a post on Truth Social Sunday as he declared an executive order on digital assets directed to move forward on a Crypto Strategic Reserve.
The world’s largest digital coin, Bitcoin
BTCUSD -2.19% , is up 7.2% to $92,068 over the last 24 hours, according to CoinDesk data. It has pulled back from a 24-hour high of $95,136.
Until now, the lack of progress on the crypto reserve promised by Trump in his reelection campaign has hurt sentiment around digital assets which have been in a slump in recent weeks. On Feb, 28, Bitcoin slipped below the $80,000 mark for the first time since November last year, according to CoinDesk.
Despite the recent jump in Bitcoin price, it’s far off its record high of its all time high of $109,135 on Jan. 20—Trump’s inauguration day when crypto sentiment peaked on optimism that Trump would introduce crypto-friendly policies.
Other cryptocurrencies outperformed Bitcoin early Monday. Among the bigger digital coins, Cardano
ADAUSD-7.17% led gains, up 47% to $0.96 over the last 24 hours. XRP
XRPUSD-8.94% is up 15% to $2.5984 while Solana
SOLUSD -7.90% is up 11% to $160.46.
Ethereum
ETHUSD -6.85% , the world’s second largest crypto by market capitalization, is up 4.8% to $2,350.
One reason for Bitcoin gains lagging altcoins is likely that Trump omitted mentioning the coin in his first announcement, instead singling out XRP, Solana and Cardano. Only an hour after the initial announcement, Trump added that Bitcoin and Ethereum would “obviously” be included as well.
Secondly, Bitcoin is increasingly moving in line with the broader stock market, and the S&P 500 fell 1.4% in February. Any shocks to equities are likely to impact Bitcoin as well.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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