Trump's rhythmic "stirring" of the crypto ecosystem.
Author: Zhou Zhou, Foresight News
Trump fulfills his promise, stating that he will continue to push for the United States to become a cryptocurrency hub.
On the evening of March 2, 2024, Trump posted on his social media platform Truth that after years of corrupt attacks by the Biden administration, the US cryptocurrency reserve will drive this critical industry, which is why my digital asset executive order directs the presidential working group to advance a cryptocurrency strategic reserve including XRP, SOL and ADA. I will ensure that the United States becomes the world's cryptocurrency capital. We are making America great again!
Two hours later, Trump supplemented: "Of course, as other valuable cryptocurrencies, BTC and ETH will be the core of the reserve. I also like Bitcoin and Ethereum!"
David Sacks, a key figure in the White House on AI and cryptocurrency development, tweeted that President Trump announced a cryptocurrency strategic reserve composed of Bitcoin and other top cryptocurrencies. This is consistent with his first-week Executive Order 14178. President Trump is fulfilling his promise to make the United States the "world's cryptocurrency capital". There will be more content at the summit.
The summit mentioned above refers to the first cryptocurrency summit planned to be held at the White House on March 7, 2025. This summit will be hosted by President Donald Trump, aiming to bring together leaders in the cryptocurrency industry, including well-known founders, CEOs, investors, and members of the President's Digital Asset Working Group, to jointly discuss regulatory policies related to cryptocurrencies, stablecoin frameworks, and potential Bitcoin strategic reserves.
Trump "Stirring" the Crypto Ecosystem
Trump and the current US government are deeply impacting the crypto industry ecosystem. This is reflected in the prices of cryptocurrencies and the development of the industry.
First, in terms of prices, Trump's impact on the cryptocurrency market's ups and downs is very obvious in the short term.
From February 21 to February 28, Bitcoin fell from around $100,000 to $79,000; however, after the White House announced the first cryptocurrency summit on February 28 and Trump announced on social media on March 2 that he would ensure the United States becomes the world's cryptocurrency capital, cryptocurrencies like Bitcoin soared.
In just three days, the five tokens mentioned by Trump all saw significant increases: Bitcoin rose from $79,000 to $94,000, an increase of 19%; Solana rose from $126 to $178, an increase of 41%; XRP rose from $1.98 to $2.93, an increase of 48%; ADA rose from $0.58 to $1.13, an increase of 94%; Ethereum rose from $2,103 to $2,538, an increase of 20.6%.
Among them, the three tokens with the highest increases in three days were ADA at 94.83%, XRP at 47.98%, and Solana at 41.27%, while the increases for Bitcoin and Ethereum were relatively lower at 18.98% and 20.68% respectively.
Beyond prices, Trump will continue to exert influence on the deeper, long-term development of the crypto industry ecosystem.
For example, the issuance of Trump's presidential token, Trump Coin, has absorbed funds from the entire crypto market, changing the existing rhythm of the crypto market, and the previously hot AI Agent wave in the crypto industry has been suddenly interrupted.
Some practitioners also stated that Trump and the US government's strong support for cryptocurrencies will allow more cryptocurrencies closely related to the US ecosystem, or even closely related to the Trump family, such as Solana, XRP, ADA, Base, and Sui, to develop further. It can be expected that more entrepreneurs, developers, and traders will choose to be part of the crypto ecosystem and cryptocurrencies strongly related to the US.
