Donald Trump's plans for strategic reserves cause Bitcoin

Donald Trump's plans for strategic reserves cause Bitcoin to leap to a new all-time high of almost $106,000.

Donald Trump’s plans for strategic reserves cause Bitcoin The remarks made by President-elect Donald Trump on the establishment of a US Bitcoin reserve propelled Bitcoin to a record high of $106,533. This year, the value of cryptocurrencies has increased dramatically; since the election, Bitcoin has increased by more than 50%.

According to Coinmarketcap data, Bitcoin surged above the $106,000 threshold during the December 16 Singapore market open. It was at 106,449.88 at 6:10 a.m., hitting a record high of $106.533 before falling below the $105,000 threshold that morning. Donald Trump’s plans for strategic reserves cause Bitcoin

According to Coinmarketcap data, the largest cryptocurrency in the world was valued at $104,866.90 at the time of writing, which was at 9 a.m. on December 16. Even so, this represents a 3.11 percent increase over the day before. Donald Trump’s plans for strategic reserves cause Bitcoin

According to data, the token’s market capitalization increased by 3.12% from the day before to $2.07 trillion on December 16. Interestingly, Bitcoin now controls 56% of the cryptocurrency market, up 0.29 percent from the previous day. Donald Trump’s plans for strategic reserves cause Bitcoin

The Ascent and Ascent of Bitcoin

As U.S. President-elect Donald Trump announced plans to establish a strategic reserve for Bitcoin, similar to the strategic oil reserve, the cryptocurrency jumped to a record high above $106,000 in early Asian trading, according to Reuters. Donald Trump’s plans for strategic reserves cause Bitcoin

“We’re going to do something great with crypto because we don’t want China or anybody else — not just China but others are embracing it — and we want to be the head,” Trump stated in an interview with CNBC. Trump responded, “Yeah, I think so,” when questioned about a cryptocurrency reserve comparable to oil reserves. Donald Trump’s plans for strategic reserves cause Bitcoin

Since Trump’s victory in the 2024 US presidential election on November 5, Bitcoin has increased by more than 50% overall. According to statistics provider CoinGecko, the value of the cryptocurrency market has nearly doubled this year, reaching a record of over $3.8 trillion. Donald Trump’s plans for strategic reserves cause Bitcoin

Since 2021, the longest winning streak

On December 15, the token also “cemented” a seven-week winning streak, the longest since 2021, according to a Bloomberg article.

According to the news agency, Ether, the second-largest cryptocurrency in the world, increased by about 3% to $4,014.

Since Trump’s victory in November, US exchange-traded funds (ETFs) have invested $12.2 billion in Bitcoin. Over the same time frame, Ether’s comparable product subscriptions had grown to $2.8 billion. Donald Trump’s plans for strategic reserves cause Bitcoin

Frequently Asked Question

What did President-elect Donald Trump announce regarding Bitcoin reserves?

Trump revealed plans to establish a strategic reserve for Bitcoin, similar to the U.S. strategic oil reserve, to ensure the U.S. leads in cryptocurrency adoption. His remarks sparked a significant surge in Bitcoin’s value, which reached an all-time high of over $106,000.

How did Bitcoin's value change after Trump's announcement?

Following Trump’s announcement, Bitcoin’s value jumped to a record high of $106,533 during the December 16 Singapore market opening. While it briefly fell below $105,000, it still represented a 3.11% increase from the previous day, highlighting the market’s positive response to the news.

Why is Bitcoin's market dominance increasing?

Bitcoin’s market dominance has grown, controlling 56% of the total cryptocurrency market. This increase is attributed to its rising value and the broader market’s positive reaction to factors like Trump’s remarks and growing institutional investments.

How has Bitcoin performed since Trump's election victory?

Since Donald Trump’s election win in November 2024, Bitcoin’s value has surged by over 50%, continuing its upward trajectory. This trend is part of a broader rally in the cryptocurrency market, which has nearly doubled in value, reaching over $3.8 trillion this year.

What impact did Trump's announcement have on other cryptocurrencies?

Trump’s comments also contributed to positive market sentiment for other cryptocurrencies, including Ether, which increased by 3% to $4,014. Additionally, U.S. exchange-traded funds (ETFs) have invested heavily in Bitcoin and Ether since November 2024, further boosting market growth.