Bitcoin up $14,000 Following Trump’s Crypto Reserve Announcement

The value of Bitcoin surged during the weekend after U.S. President Donald Trump announced a strategic crypto reserve while highlighting new details about the much-awaited move.

Bitcoin was trading above $92,000, up 18% from its Friday’s low of $78,226.23, Coin Metrics reported. Meanwhile, Ether soared by 13% to $2,300. In the pre-market trading, Coinbase and Robinhood were up by 9% and 7% respectively.

The investor community welcomed the development as they remained anxious during the recent times. Bitcoin fell below $90,000 for the first time in three months, i.e., 25% below its all-time-high.

Joel Kruger, market strategist at LMAX Group, told CNBC, “The weekend news is exactly the type of catalyst investors have been looking for to feel reassured about follow through from the U.S. administration with respect to its crypto friendly policies.”

He added, “Now that we’ve already seen a healthy correction in February, this sets the stage for the start to the next leg higher for crypto assets.”