Bitcoin was trading up a fifth from last week's lows on Monday (March 3) and several other cryptocurrencies that U.S. President Donald Trump said would be included in a new U.S. strategic reserve that also rallied sharply, Reuters reports.
Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including bitcoin BTC=, ether, XRP, solana and cardano. The names had not previously been announced. Bitcoin and ether will be at the heart of this reserve, he posted on Sunday (March 2).
The post sent the world's largest cryptocurrency up by more than 20% from the November lows it was trading at on Friday, helping flip sentiment on a token that has been sliding since mid-January on disappointment Trump has not followed through on pledges to loosen regulation.
Bitcoin’s rally since Trump's November election was spurred by optimism that the crypto-friendly president would champion a strategic bitcoin fund and end the previous Joe Biden administration's crackdown on the industry.
But beyond a flurry of appointments of crypto-friendly officials when Trump took office, there has been little concrete news so far around that policy for investors.
