News
  • Nidhi Kolhapur
    author-profile

    Nidhi Kolhapur right arrow

    Author

    Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

    • author facebook
    • author twitter
    • linkedin

  • 2 minutes read

March Opens With a Bang: Why Crypto Market Is Up Today?

Story Highlights
  • Trump announced a strategic crypto reserve featuring Bitcoin, Ethereum, XRP, Solana, and Cardano.

  • Bitcoin supporters, including Coinbase CEO Brian Armstrong and Peter Schiff, criticized the inclusion of multiple cryptocurrencies.

  • Under Trumpโ€™s influence, the SEC dropped lawsuits and investigations against major crypto firms like Coinbase, Gemini, and Uniswap.

President Donald Trump’s bold move will surely shake up the entire crypto market. He announced a new strategic crypto reserve featuring Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), aiming to make the U.S. the “Crypto Capital of the World.”

The news sent crypto prices soaring, with traders scrambling to react. One crypto whale made a huge profit by placing 50x leverage long bets on Bitcoin and Ethereum right before Trump’s announcement. The move paid off, earning the trader nearly $7 million as prices surged.

But not everyone is on boardโ€”some industry leaders and Bitcoin purists are already pushing back. Why these five coins? What does this mean for the future of U.S. crypto policy?

Let’s understand.

Critics Push Back: Should Bitcoin Be the Only Choice?

Not everyone is on board with Trumpโ€™s plan. Some crypto leaders and Bitcoin supporters, known as โ€œBitcoin maximalists,โ€ argue that the reserve should only include Bitcoin.

Peter Schiff, a well-known Bitcoin critic, questioned Trumpโ€™s decision:

“I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. Bitcoin is digital gold, better than analog gold. But whatโ€™s the rationale for an XRP reserve?”

Coinbase CEO Brian Armstrong also suggested that Bitcoin alone would be the best choice, calling it the “simplest and clearest successor to gold.”

Meanwhile, Jeff Park, Bitwiseโ€™s head of alpha strategies, warned that including multiple cryptocurrencies was a โ€œhuge political miscalculationโ€ by Trump.

Trump vs. Biden

Trumpโ€™s pro-crypto stance stands in sharp contrast to President Joe Bidenโ€™s tougher approach, which focuses on fraud and money laundering concerns. While Trump has embraced crypto, Biden has pushed for stricter regulations.

The exact details of Trumpโ€™s crypto reserve are still unknown, but more information is expected to be revealed at the upcoming Crypto Summit on March 7.

Crypto Summit Upcoming- Bullish News?

Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to meet Bo Hines and David Sacks to discuss regulations and stablecoin oversight, among other topics, as cryptocurrency prices make a modest recovery from their recent drop.

The Crypto Summit follows Trumpโ€™s SEC, led by Mark T. Uyeda, dropping several major lawsuits and investigations. The SEC recently ended its case against Coinbase, dropped probes into Gemini, OpenSea, Uniswap, and Robinhood, and could soon wrap up its case against Justin Sun. A judge also dismissed the SECโ€™s case against Richard Heart, though the agency may file a new complaint.

With Trumpโ€™s crypto-friendly stance gaining momentum, the upcoming Crypto Summit could mark a turning point for U.S. crypto regulations.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQs

Why is Bitcoin up today?

Bitcoin surged due to Trump’s crypto reserve announcement, bullish market sentiment, and reduced regulatory pressure from the SEC.

What is Trumpโ€™s strategic crypto reserve?

Trumpโ€™s crypto reserve includes BTC, ETH, XRP, SOL, and ADA, aiming to establish the U.S. as the global leader in cryptocurrency.

Show More

Related Articles

Check Also
Close
Back to top button