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

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 Brian Armstrong Brian Armstrong is the CEO of Coinbase Global, the biggest bitcoin exchange in the US. He is a former software developer for Airbnb. In 2012, Brian teamed up with Fred Ehrsam and launched Coinbase in San Francisco. Even though co-founder Fred Ehrsam left the company in 2017, he remains a board member and owns 6% of the business. On April 14, 2021, Coinbase went public through a direct offering on the Nasdaq. Soon it momentarily hit $100 billion in market capitalization. About 19% of company shares are owned by Armstrong.   Quick Facts Full name Brian Armstrong Birth January 25, 1983, in San Jose, California, U.S. Education Bachelor of Arts/Economics, Master of Arts/Science, Rice University Nationality American Martial Status Married Net Worth $11.9B (Refer for real-time)   He supports the need for clear regulations and policies for cryptocurrency trading and decentralized transactions. Brian has collaborated with diplomats to formulate the policies. He continues to contribute to the crypto community and blockchain technology.   Brian Armstrong: Timeline of events 2010: Discovered Bitcoin – Read the Bitcoin whitepaper and became interested in decentralized finance. 2012: Co-founded Coinbase – Launched Coinbase with Fred Ehrsam to simplify Bitcoin buying and selling. 2015: Expanded Coinbase Services – Introduced Coinbase Exchange and support for multiple cryptocurrencies. 2017: Led Coinbase Through Crypto Boom – Scaled operations as Bitcoin surged to $20,000, making Coinbase a top exchange. 2021: Coinbase IPO on NASDAQ – Took Coinbase public (COIN) at a $86B valuation, marking a major crypto milestone. 2022: Advocated for Crypto Regulation – Engaged with lawmakers to promote clear crypto regulations in the U.S. 2023: Launched Coinbase’s Layer-2 ‘Base’ – Introduced Base, a Layer-2 blockchain to improve Ethereum scalability. 2024: Pushing for Global Crypto Adoption, Married to Angela Meng.   Year Award/Notable Work Details 2012 Co-Founded Coinbase Built one of the world’s largest cryptocurrency exchanges. 2017 Fortune 40 Under 40 – Technology Recognized for leadership in the crypto industry. 2021 Coinbase IPO on NASDAQ Took Coinbase public with an $86B valuation, a first for a major crypto company. 2021 Time 100 Most Influential People Listed for his impact on mainstream crypto adoption. 2023 Launched Coinbase’s Layer-2 ‘Base’ Introduced a Layer-2 blockchain to enhance Ethereum scalability.   Useful Links to Connect With Brian Armstrong Platform Link X (formerly Twitter) https://twitter.com/brian_armstrong LinkedIn https://www.linkedin.com/in/brianarmstrong Coinbase Official Website https://www.coinbase.com Brian Armstrong’s Personal Blog https://brianarmstrong.com   EntrepreneurInvestorDeveloper/ProgrammerCrypto and Blockchain Expert 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.

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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.

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