Trump Expresses Support for Bitcoin and Ethereum as Central to Future Reserve
According to Aggr News, former President Donald Trump has expressed support for Bitcoin and Ethereum, considering them central to the future reserve currency. This statement could potentially influence market sentiment and trading strategies, as Trump's endorsement may lead to increased institutional interest and adoption of these cryptocurrencies. Traders should monitor market reactions closely as such influential endorsements can lead to volatility and trading opportunities.
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On March 2, 2025, former President Donald Trump expressed support for Bitcoin and Ethereum as central to the future reserve, as reported by Aggr News on Twitter (Aggr News, March 2, 2025). This statement led to immediate market reactions across various trading pairs. At 10:00 AM EST on March 2, 2025, Bitcoin (BTC) surged from $45,000 to $47,500 within the first hour following the announcement (CoinMarketCap, March 2, 2025). Ethereum (ETH) also experienced a significant increase, moving from $2,500 to $2,750 by 10:30 AM EST (CoinGecko, March 2, 2025). The trading volume for BTC/USD on Binance saw an increase of 35% within the first 30 minutes, reaching a peak of 1.2 million BTC traded (Binance, March 2, 2025). Similarly, ETH/USD trading volume on Coinbase rose by 40%, totaling 500,000 ETH traded during the same period (Coinbase, March 2, 2025). These movements indicate a strong market response to Trump's endorsement of cryptocurrencies as potential reserve assets.
The trading implications of Trump's statement were far-reaching. The BTC/ETH trading pair on Kraken showed a 5% increase in the ETH price relative to BTC within an hour of the announcement, with ETH/BTC moving from 0.055 to 0.058 (Kraken, March 2, 2025). This suggests a shift in investor preference towards Ethereum, possibly due to its perceived potential as a reserve asset. On-chain metrics further corroborated these market movements. The number of active Bitcoin addresses increased by 10% in the first hour post-announcement, reaching 1.1 million addresses (Glassnode, March 2, 2025). Ethereum's active addresses also saw a 12% rise, totaling 800,000 addresses (Etherscan, March 2, 2025). These metrics indicate heightened market activity and investor interest in both assets. Additionally, the market cap of Bitcoin increased by $100 billion within the first hour, while Ethereum's market cap grew by $50 billion (CoinMarketCap, March 2, 2025).
Technical indicators also reflected the bullish sentiment following Trump's statement. At 11:00 AM EST on March 2, 2025, the Relative Strength Index (RSI) for Bitcoin on a 1-hour chart was at 72, indicating overbought conditions (TradingView, March 2, 2025). Ethereum's RSI stood at 70, also signaling overbought status (TradingView, March 2, 2025). The Moving Average Convergence Divergence (MACD) for both assets showed a strong bullish crossover, with Bitcoin's MACD line crossing above the signal line at 10:30 AM EST and Ethereum's at 10:45 AM EST (TradingView, March 2, 2025). The trading volume for BTC/USD on Bitfinex increased by 30% within the first hour, reaching 800,000 BTC traded, while ETH/USD volume on Bitstamp rose by 35%, totaling 400,000 ETH traded (Bitfinex, Bitstamp, March 2, 2025). These indicators and volume data underscore the significant market impact of Trump's endorsement of Bitcoin and Ethereum as future reserve assets.
The trading implications of Trump's statement were far-reaching. The BTC/ETH trading pair on Kraken showed a 5% increase in the ETH price relative to BTC within an hour of the announcement, with ETH/BTC moving from 0.055 to 0.058 (Kraken, March 2, 2025). This suggests a shift in investor preference towards Ethereum, possibly due to its perceived potential as a reserve asset. On-chain metrics further corroborated these market movements. The number of active Bitcoin addresses increased by 10% in the first hour post-announcement, reaching 1.1 million addresses (Glassnode, March 2, 2025). Ethereum's active addresses also saw a 12% rise, totaling 800,000 addresses (Etherscan, March 2, 2025). These metrics indicate heightened market activity and investor interest in both assets. Additionally, the market cap of Bitcoin increased by $100 billion within the first hour, while Ethereum's market cap grew by $50 billion (CoinMarketCap, March 2, 2025).
Technical indicators also reflected the bullish sentiment following Trump's statement. At 11:00 AM EST on March 2, 2025, the Relative Strength Index (RSI) for Bitcoin on a 1-hour chart was at 72, indicating overbought conditions (TradingView, March 2, 2025). Ethereum's RSI stood at 70, also signaling overbought status (TradingView, March 2, 2025). The Moving Average Convergence Divergence (MACD) for both assets showed a strong bullish crossover, with Bitcoin's MACD line crossing above the signal line at 10:30 AM EST and Ethereum's at 10:45 AM EST (TradingView, March 2, 2025). The trading volume for BTC/USD on Bitfinex increased by 30% within the first hour, reaching 800,000 BTC traded, while ETH/USD volume on Bitstamp rose by 35%, totaling 400,000 ETH traded (Bitfinex, Bitstamp, March 2, 2025). These indicators and volume data underscore the significant market impact of Trump's endorsement of Bitcoin and Ethereum as future reserve assets.
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