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

Published by
Nidhi Kolhapur

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 board—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 Trump’s plan. Some crypto leaders and Bitcoin supporters, known as “Bitcoin maximalists,” argue that the reserve should only include Bitcoin.

Peter Schiff, a well-known Bitcoin critic, questioned Trump’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 what’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, Bitwise’s head of alpha strategies, warned that including multiple cryptocurrencies was a “huge political miscalculation” by Trump.

Trump vs. Biden

Trump’s pro-crypto stance stands in sharp contrast to President Joe Biden’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 Trump’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 Trump’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 SEC’s case against Richard Heart, though the agency may file a new complaint.

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

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 Trump’s strategic crypto reserve?

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

Nidhi Kolhapur

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.

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