The cryptocurrency market witnessed a dramatic surge over the weekend, with Bitcoin (BTC) reaching $93,000 following an unexpected endorsement from U.S. President Donald Trump. His latest statements about forming a crypto strategic reserve sent market valuations soaring, triggering substantial price gains across major digital assets.
Trump’s Crypto Endorsement Shakes the Market
On March 2, BTC/USD climbed 8% in weekend volatility, fueled by Trump’s posts on Truth Social. Initially, he referenced XRP, Solana (SOL), and Cardano (ADA) as part of a proposed U.S. government-backed crypto reserve. However, in a follow-up statement, he confirmed that Bitcoin and Ethereum (ETH) would also be integral to the reserve.
"I also love Bitcoin and Ethereum!" Trump declared, further cementing his newfound pro-crypto stance. This announcement marked a significant pivot from his previous skepticism toward digital assets.
can we get a little transparency into how XRP, SOL and ADA were chosen for the reserve lol
— intern ⨀ (@intern) March 2, 2025
like did they have a discussion about this or did they just poll 10,000 Uber drivers and called it a day
The market responded swiftly, with Bitcoin surging 17% from its recent low of $78,000. Ethereum and other altcoins also registered notable gains. XRP saw an especially dramatic price increase, momentarily surpassing Ethereum in fully diluted valuation (FDV).
Market analyst Michaël van de Poppe described the movement as a market-shifting event, stating, "The last crash was likely a setup for major accumulation. Now, the real bull cycle has begun."
The US government using taxpayer money to buy XRP—an asset where Ripple controls over 50% of the circulating supply—is pure insanity.
— Will Baxter (@willbaxter88) March 2, 2025
Trump needs to understand the gravity of this mistake before it’s too late.
Who’s advising him on this?
$93,500: The Key Bitcoin Price Level
Despite the surge, analysts emphasize that Bitcoin must close above $93,500 on a weekly timeframe to solidify its position within a re-accumulation range. Market strategist Rekt Capital described Bitcoin’s recent dip to $78,000 as a “downside deviation,” a pattern historically observed during bull markets.
#BTC
— Rekt Capital (@rektcapital) March 3, 2025
New Weekly Close is in
It has occurred above $93500
The Re-Accumulation Range has been preserved$BTC #Crypto #Bitcoin https://t.co/Rha9PbJExy pic.twitter.com/sUtpWkmQBw
Meanwhile, speculation is mounting about the upcoming Crypto Summit at the White House, where Trump is expected to unveil more details on the strategic reserve initiative. Questions remain about whether such a move would require congressional approval or leverage digital assets seized by the government.
Trump’s shift toward embracing crypto has reignited bullish sentiment, particularly as his administration actively courts the digital asset industry. With Bitcoin edging closer to a critical resistance level and major altcoins rallying, the market’s next moves will depend on whether institutional investors and policymakers support this new direction.
HODL Team
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