Bitcoin rallies as Trump pushes for US crypto reserve

Shares in cryptocurrency-related stocks surged ahead of Wall Street’s opening on Monday, tracking a sharp rebound in bitcoin after US President Donald Trump reiterated his plan for a strategic crypto reserve.

Bitcoin jumped 7.1 per cent to $92,068.2 by 05:23 ET (10:23 GMT), after briefly spiking as much as 20 per cent to $94,266.1. The world’s largest cryptocurrency had been sliding since mid-January due to investor disappointment over Trump’s earlier silence on digital assets.

Crypto-exposed stocks saw premarket gains, including MicroStrategy, Coinbase, and digital asset miners Riot Platforms, Marathon Holdings, Bit Digital, CleanSpark, and Hut 8.

Trump, in a post on Truth Social on Sunday, confirmed he had instructed an executive group to proceed with the Crypto Strategic Reserve, which will include bitcoin, ether, XRP, solana, and cardano.

“A US crypto reserve will elevate this critical industry,” Trump stated.

Last month, Trump signed an executive order to explore crypto regulation, including a strategic digital asset reserve, but had not previously specified which cryptocurrencies would be included.

Attribution: Investing.com

Subediting: M. S. Salama