empty
03.03.2025 10:57 AM
What lies behind sudden surge in Bitcoin and Ethereum

The sudden bullish turnaround in the cryptocurrency market has created significant panic and speculation.

This image is no longer relevant

Yesterday, Donald Trump's latest post reaffirmed his commitment to restoring America's leadership in the crypto industry. Trump accused Biden's administration of deliberately suppressing the crypto industry's growth, stating that his executive order on digital assets includes the creation of a strategic cryptocurrency reserve. He also revealed details about this reserve, which, in his view, should include leading cryptocurrencies such as BTC, ETH, XRP, SOL, and ADA. Trump expressed confidence that the US can reclaim its position as the global leader in digital assets.

According to Trump, establishing a national crypto reserve will be crucial for stabilizing the digital asset market and protecting American investors' interests.

As mentioned earlier, Trump's announcement of a strategic US crypto reserve led to a rapid surge in crypto prices, increasing the total crypto market capitalization by nearly 20% compared to Friday's recent lows. The biggest gainers were Cardano (+70%), XRP (+35%), and SOL (+20%). Meanwhile, BNB saw the smallest growth among the top 10 cryptocurrencies by market capitalization.

Trump's executive order & crypto boom Trump signed an executive order on cryptocurrencies back in January, instructing a task force to assess the creation of a national digital asset reserve. However, Sunday's post was the first time he explicitly referred to it as a "strategic cryptocurrency reserve." This move is likely aimed at strengthening the US economy and reducing reliance on traditional financial institutions.

The creation of a US crypto reserve could be a response to the growing global adoption of digital assets, particularly China's development of a digital yuan. Such a move could further fuel demand for crypto assets, as building a national digital asset reserve would require significant investments in infrastructure and regulation.

This image is no longer relevant

Technical outlook for Bitcoin (BTC/USD)

Buyers are now targeting $93,600, which would pave the way for $95,700, followed closely by $98,000. The ultimate bullish target remains at $100,000, a breakout above which would confirm a return to the medium-term bull market. In case of a decline, buyers are expected at $91,300. A break below this level could push BTC further down toward $89,300, with the final downside target at $86,900.

This image is no longer relevant

Technical outlook for Ethereum (ETH/USD)

A strong break above $2,467 opens the door for a move toward $2,522. The ultimate bullish target remains at $2,581, a breakout above which would signal a return to the medium-term bull market. If ETH declines, buyers are expected at $2,384. A move below this level could push ETH down toward $2,299, with the final downside target at $2,202.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin. May 23rd. Smart Money System Analysis

Bitcoin continues to form a bullish trend structure. One could argue whether there are real reasons for a new bullish trend at the moment, but the chart suggests only that—unambiguously

Samir Klishi 20:04 2025-05-23 UTC+2

TRUMP official: crypto community, protests, and politics

On the evening of May 22, 2025, a unique event took place at the Trump National Golf Club in Virginia — a dinner hosted by Donald Trump with the largest

Jurij Tolin 16:49 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday May 23, 2025.

It appears that the price movement of the Doge Cryptocurrency on the 4-hour chart is moving above the WMA (21) which has a slope that is going upwards

Arief Makmur 09:04 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday May 23, 2025.

If we look at the 4-hour chart of the Ripple cryptocurrency, it appears to be moving above the WMA (21) which has a steep slope and has successfully broken

Arief Makmur 09:04 2025-05-23 UTC+2

Bitcoin Forecast for May 23, 2025

On Thursday, Bitcoin's price reached the target level of 111,770. The Marlin oscillator appears to be lagging behind the price, giving the impression of a potential divergence — though unconventional

Laurie Bailey 04:45 2025-05-23 UTC+2

Bitcoin aims to hit $120,000? What lies behind its rally and when to expect retracement

On May 22, Bitcoin confidently broke through the $111,888 level, setting a new all-time high of $111,867. Unlike previous rallies marked by retail investor euphoria, this time the market's behavior

Ekaterina Kiseleva 16:12 2025-05-22 UTC+2

Bitcoin extending confident rally

Bitcoin demand appears to be surging, judging by its recent performance. At the time of publication, the BTC/USD pair was trading near 111,200.00, slightly down from today's and the all-time

Jurij Tolin 16:02 2025-05-22 UTC+2

Bitcoin: $115,000 — Next Stop or Bull Trap?

Bitcoin is steadily approaching its all-time high and, according to several analysts, is poised to set a new record. Current levels near $105,000 are more than just numbers — they

Ekaterina Kiseleva 00:58 2025-05-21 UTC+2

BTC/USD Analysis on May 20, 2025

The wave pattern on the 4-hour chart for BTC/USD has been becoming more complex in recent months. We observed a corrective downward structure, which completed its formation around the 75,000

Chin Zhao 11:11 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 16, 2025.

If we look at the 4-hour chart, the Ethereum cryptocurrency appears to be moving above the WMA (21) which is a dynamic support where the WMA has a slope that

Arief Makmur 06:09 2025-05-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.