President Donald Trump injected a massive dose of enthusiasm into the cryptocurrency market on Sunday, March 2, 2025, by announcing the five digital assets that will form the cornerstone of his administration’s U.S. strategic crypto reserve. Bitcoin, Ether, XRP, Solana, and Cardano were named in the declaration, sparking an immediate and powerful rally. Bitcoin surged over 10% within 24 hours, reaching an intraday high of $95,043.44, marking its largest single-day gain in recent months.
Bitcoin Price and Volume Data
According to market data, Bitcoin’s price ranged between $85,040.21 and $95,043.44 over the past 24 hours. At the time of reporting, Bitcoin is trading at $92,930.26, up 8.20% from the previous day. Despite a 3.11% decline over the past seven days, Trump’s announcement completely reversed the short-term bearish trend. More strikingly, the 24-hour trading volume surged to $75.87 billion, representing a staggering 261.29% increase from the prior day, reflecting an enormous influx of capital.
Market Capitalization and Dominance
Bitcoin’s market capitalization rose 8.33% in a single day, reaching $1.84 trillion. Its market dominance climbed to 61.47%, up 1.82% over 24 hours, indicating that Bitcoin is strengthening its relative position against other cryptocurrencies. Analysts note that Trump’s endorsement further solidifies Bitcoin’s status as the digital gold among institutional and retail investors.
Futures Market and Liquidations
Bitcoin futures open interest expanded by 6.64% to $54.64 billion, signaling heightened leveraged trading activity. Liquidations totaled $358.98 million, with short positions accounting for $252.71 million and longs for $106.28 million. The majority of liquidations were shorts, meaning many traders had anticipated a price decline and were caught off-guard by the sudden surge. This underscores the market’s prior bearish sentiment and the powerful impact of the policy catalyst.
Details of Trump’s Announcement
President Trump stated via social media that his executive order will direct relevant agencies to formulate a plan for a strategic crypto reserve. The five designated cryptocurrencies—Bitcoin, Ether, XRP, Solana, and Cardano—were selected based on their market maturity and technological robustness. The initiative aims to “position the United States as the global leader in the cryptocurrency industry,” marking a radical departure from the previous administration’s regulatory crackdown. Market participants widely interpret this as the strongest sign yet that the Trump administration is moving from skepticism to active support for digital assets.
Institutional Investment Activity
On the same day as Trump’s announcement, Simon Gerovich, CEO of Metaplanet (a Japanese hotel developer turned Bitcoin treasury company), disclosed that the firm had acquired 156 BTC for approximately $13.4 million at an average price of roughly $85,890 per Bitcoin. Metaplanet now holds a total of 2,391 BTC. This move highlights continued institutional confidence in Bitcoin’s long-term value proposition. The Trump announcement is expected to further accelerate corporate and sovereign adoption of Bitcoin as a reserve asset.
Market Outlook
In the near term, Bitcoin has broken through key resistance levels, and if more policy details emerge, the price could challenge the psychological barrier of $100,000. However, traders should remain cautious about heightened volatility, especially given the elevated leverage in the futures market. Over the long term, the concept of a national strategic reserve will profoundly reshape Bitcoin’s asset class narrative, potentially driving more sovereign wealth funds and large institutions to allocate capital to it. Nonetheless, the market must still monitor the specific implementation path of the Trump administration and any legislative progress in Congress. Any delay or watering down of the reserve plan could trigger a sharp correction.