Bitcoin and a series of cryptocurrencies fluctuate strangely after Mr. Trump's statement

(NLDO)- Bitcoin and a series of other cryptocurrencies have had strange developments after US President Donald Trump announced plans to establish a national strategic reserve.

Recently, on the social network Truth Social, US President Donald Trump reiterated the plan to establish a national strategic reserve. He said he had directed US officials to establish a reserve consisting of tokens BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), SOL (Solana) and ADA (Cardano). This will be the world's largest strategic reserve of cryptocurrencies.

"I have directed the President's working group to establish a Strategic Digital Reserve consisting of XRP, SOL, and ADA. I will ensure that America becomes the cryptocurrency capital of the world," Mr. Trump emphasized.

Immediately after the US President's announcement, it was noted that the prices of the above digital currencies increased sharply after a series of declines last week.

Specifically, according to data from Coinmarketcap, Bitcoin jumped from the $85,000 range to over $95,000 in just about 2 hours last night, March 2 (Vietnam time), up more than 11%; Ethereum also increased from $2,200 to $2,500, up 13%... Notably, Cardano had a strong increase, more than 67% compared to the price in the past 24 hours, to $1.13/ADA.

Bitcoin volatility after Trump's statement

However, by this morning, March 3, the trading prices of digital currencies had slightly decreased due to profit-taking pressure from those who had previously "bought at the bottom". Bitcoin price dropped to 92,800 USD/BTC; Ethereum to 2,432 USD/ETH, Cardano to 1 USD/ADA.

Mr. Le Anh Quoc, Operations Director of AlphaTrue Joint Stock Company (specializing in Blockchain), pointed out many reasons why the price of Bitcoin and other cryptocurrencies fluctuated strongly after the US President's statement.

Accordingly, in addition to strongly accumulating cryptocurrencies, those who own cryptocurrencies in a waiting state have taken advantage of this opportunity to sell to recover the lost money or surf to make a profit.

In addition, the selling pressure in the context of Bitcoin's decline is still present, causing Bitcoin and other cryptocurrencies to fall despite no negative news.

"The cryptocurrency market surged after Trump's announcement and then slightly decreased a few hours later is not a big problem. Bitcoin is in a sideways state in the range of 93,000 - 95,000 USD, this adjustment is stable, nothing unusual.

If there is nothing adverse in the near future, Bitcoin will continue to fluctuate in this area and other coins like Ethereum or Solana will stabilize in the current area" - Mr. Quoc predicted.

According to Coinmarketcap data, Pi Coin (Pi Network) price is at 1.68 USD/pi, down 2% over the past 24 hours.

Source: https://nld.com.vn/bitcoin-and-the-variable-currency-change-is-after-the-turn-of-the-trump-196250303090314007.htm