Bitcoin Soars as Trump Makes Surprise Announcement
Bitcoin’s price experienced a 10% surge following President Donald Trump’s announcement of a U.S. strategic cryptocurrency reserve. Here’s an overview of recent market activity today.
Over the past 24 hours, bitcoin’s price ranged between $85,040.21 and $95,043.44. At the time of reporting, bitcoin is trading at $92,930.26, marking an 8.20% increase since yesterday. However, it remains down 3.11% over the past seven days. The 24-hour trading volume has soared to $75.87 billion, a 261.29% increase, largely attributed to heightened market activity following Trump’s announcement.
(BTC price / Trading View)
Bitcoin’s market capitalization has risen by 8.33% since yesterday, reaching $1.84 trillion. Its market dominance stands at 61.47%, up 1.82% over the past 24 hours, indicating a stronger position relative to other cryptocurrencies.
(BTC dominance / Trading View)
Total bitcoin futures open interest has grown by 6.64% to $54.64 billion in the last 24 hours, reflecting increased leveraged positions. Liquidations amounted to $358.98 million, with short positions accounting for $252.71 million and long positions for $106.28 million, suggesting that many traders anticipated a price decline and were caught off-guard by the surge.
President Trump’s revelation of a forthcoming U.S. strategic cryptocurrency reserve, including bitcoin, ether, XRP, solana, and cardano, has been a significant catalyst for the recent price movements. This initiative aims to position the U.S. as a leader in the crypto industry, underscoring the shift in regulatory approach by the new Trump administration.
Simon Gerovich, CEO of Japanese hotel developer turned bitcoin treasury firm Metaplanet, also announced on Sunday, the acquisition of 156 BTC for approximately $13.4 million at roughly $85,890 per bitcoin. Gerovich said the company now holds a total 2,391 BTC This move underscores continued institutional confidence in Bitcoin’s long-term value.
(Metaplanet BTC acquisition announcement / Simon Gerovich on X)
The recent surge, driven by policy announcements and institutional investments, highlights bitcoin’s sensitivity to macroeconomic factors and regulatory developments. While the short-term outlook appears bullish, investors should remain cautious of potential volatility as the market continues to respond to evolving news and policy changes.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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