President Trump turned into Bitcoin green like the Nigerian flag.
Nigeria News Nalin Bitcoin has grown significantly, climbing about 20% from its recent low, while other cryptocurrencies mentioned by President Donald Trump in recent Truth Social Jobs also rose sharply.
Market action showed Bitcoin as high as $95,000 on Sunday after the president announced via social media. At the time of publication, Bitcoin cooled for $93K.
Trump suggests that his January executive order on digital assets will create a range of currencies in the U.S., including Bitcoin, Ether, XRP, Solana and Cardano.
The world’s most powerful economic president reveals the plan in a Sunday post on his social media platform
“The program aims to support the cryptocurrency industry and strengthen the U.S. position in the global digital asset market,” he said. “After years of corruption attacks by the Biden administration, the U.S. crypto protection zone will enhance this key industry, which is why the executive order I’ve executed on digital assets directed the Presidential Task Force to advance its crypto strategic reserves including XRP, SOL and ADA.”
The announcement has led to positive changes in the world’s largest cryptocurrency, which has been failing since mid-January due to disappointment over Trump’s inaction in easing regulatory policies. One fifth of Bitcoin’s value has been removed since peaking at $109,000 in early January
Trump revealed plans to create a strategic cryptocurrency reserve in the U.S. in the last quarter of 2024, demonstrating his support for the cryptocurrency industry.
“We will do something great with cryptocurrency because we don’t want China or anyone else to embrace it, but others are, we want to lead the way.”
Bitcoin fell more than 17% last month, marking a monthly decline since June 2022.
Since the crypto-friendly president will support the strategic Bitcoin fund and end the Biden administration’s optimism about the department, it has pushed its rally since Trump was elected in November.
But investors have not heard specific news about the policy, except for Trump’s appointment as the appointed tech-friendly official.
Technical Analysis
Recent market activity shows that if Bitcoin continues to recover, Bitcoin can expand its next resistance level to $100,000.
The daily chart’s relative intensity index (RSI) is now close to neutral, indicating improvement in market sentiment.
RSI needs to be above its 50 neutral level to keep moving forward. However, if Bitcoin continues to decline and closes below the $90,000 support level, it may retest its $85,000 support per day.
As time goes by, President Trump’s position on cryptocurrency has changed. He was initially suspicious, but to keep his promise to make the United States a hub for innovation in cryptocurrency, he has recently taken a more encouraging stance.
The commitment was certified by the issuance of Executive Order No. 14178, which directs federal agencies to create a framework that promotes the integration and regulation of digital assets.
US Crypto Tsar confirms Trump’s strategy
White House AI and Crypto Tsar David Sacks endorsed President Donald Trump’s announcement of the U.S. strategy to retain cryptocurrencies.
“President Trump has announced a strategic cryptocurrency reserve of Bitcoin and other top cryptocurrencies,” Sachs wrote in an article on social media site X.
Sacks announced plans for a major industry gathering: “On Friday, March 7, President Trump will preside over the first White House crypto-capital capital. I hope to see you there!”
The summit is expected to help governments and key stakeholders communicate, thereby strengthening the U.S.’s important position in the global cryptocurrency industry
