Key Takeaways
- Trump announced a strategic Bitcoin reserve, boosting the market.
- Congress must approve the plan, raising concerns over delays.
- Bitcoin briefly surpassed $95,000 amid a 7.7% intraday rally.
On March 2, U.S. President Donald Trump announced plans to create a strategic crypto reserve, including Bitcoin, Ether, XRP, Solana, and Cardano.
The market reacted swiftly, with the global market cap jumping nearly 7% to $3.04 trillion.
Bitcoin briefly surpassed $95,000 following a 7.7% intraday gain.
Congressional approval concerns
Despite the surge, analysts caution that the reserve plan requires congressional approval, which could slow its implementation.
Aurelie Barthere, a principal research analyst at Nansen, warned:
Constituting a reserve by buying new tokens is a complex process that will need Congress’s vote, so it will take time.
Volatility warnings
Nicolai Sondergaard, another Nansen analyst, echoed concerns over volatility.
He said, noting ADA’s price fluctuation from $1.17 to $0.94:
It likely will not be that easy, and I expect volatility in these tokens today especially.
Upcoming White House Crypto Summit
Looking ahead, investors are watching the White House Crypto Summit, scheduled for March 7.
While details remain scarce, discussions are expected to cover stablecoin regulations and legislation related to the proposed strategic reserve.
