Yesterday was a bizarre day for bitcoin (BTC), even though Sundays are normally quiet. This sudden madness was caused by the American president, Donald Trump. He shared a cryptic announcement that literally shook the entire market. But what is the current state of affairs? Let’s take a look at the prices.
Bitcoin price skyrockets 12 percent in 3 hours
Let’s start with the bitcoin price. Last night, it skyrocketed after Trump announced that he had signed a law. With this, he wants to take the next step with a strategic crypto reserve, which will include several cryptocurrencies. The news caused enormous euphoria on the crypto market. Bitcoin shot up by no less than 12 percent in three hours. It rose from around 85,000 dollars to its current level of 93,000 dollars. Compared to 24 hours ago, BTC is 8.5 percent in the green.
The bitcoin rate over the past 24 hours clearly shows how the rate shot up after Trump’s announcement. All in all, the exact bitcoin rate is $93,186 on the crypto exchange OKX. The bitcoin price in euros is currently 89,548 euros on the Dutch crypto platform Bitvavo.
Crypto experts have doubts about feasibility
Trump’s announcement was very positive crypto news. Even the well-known ‘bitcoin hater’ and gold fan Peter Schiff said on social media platform X yesterday that he “understands” that bitcoin is part of such a reserve:
“I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too.”
Yet there are questions about the altcoins that would be included in the reserve. For the time being, these are Ethereum (ETH), Cardano (ADA), Ripple (XRP) and Solana (SOL). This list will probably be expanded later, with Trump only wanting to support American crypto projects.
But whether it will go that far is still very much the question. On X, various voices can be heard questioning the feasibility of such a fund. And even if it succeeds, it could still be a long time coming. A lot of new legislation will have to be developed and adopted before the strategic crypto reserve can see the light of day.
Well-known crypto analyst DonAlt therefore shares his doubts with his more than 660,000 followers on X. Yet he also sees the enormous potential:
“I think there is a real risk that Trump will screw this up and it will be shot down. But by including shitcoins in his proposed strategic reserve, he opens up the possibility for the alts he mentioned to go up at least 3-4x. But if it fails, there will be an immediate drop of more than 25%, but 3-4x up if it does succeed.”
In short, there is euphoria, but people are also cautious. Because officially it is not all in yet, and there is still a long way to go in that respect.
Cardano (ADA) +50%, ripple (XRP) +23% and solana (SOL) also up significantly
Finally, a brief look at the altcoins. These are where the rockets are flying, especially the altcoins mentioned in Trump’s first message yesterday. These were XRP, Cardano and Solana. These coins are currently up 23, 58 and 17 percent respectively compared to 24 hours ago.
This makes Cardano the biggest climber in the top 100. The coin has also overtaken Dogecoin (DOGE) in terms of total value.
All in all, the total market value of the crypto market has risen by 7.6 percent, which is considerable. This means that since last night, approximately 200 billion euros in value has been added. All cryptocurrencies combined are now worth 3.07 trillion euros.
