Bitcoin has surged past $90,000, rallying after a tumultuous week influenced by US President Donald Trump, which disrupted cryptocurrency prices significantly.
The value of bitcoin has risen approximately 10% in the last day, elevating the total crypto market valuation beyond $3 trillion, a boost partially attributed to BlackRock’s announcement of a pivotal market development.
In the meantime, as Elon Musk delivers a stark warning about cryptocurrencies, Trump’s Commerce Secretary Howard Lutnick has disclosed that Trump is set to introduce a US strategic bitcoin reserve at the upcoming White House crypto summit on Friday.
“President Trump is indeed envisioning a strategic bitcoin reserve,” Lutnick, who reportedly holds a significant bitcoin portfolio, informed The Pavlovic Today.
“The forthcoming discussion on handling other cryptocurrencies is also critical, with a definitive model expected to be revealed this Friday.”
Lutnick also noted that bitcoin would be accorded a “special status” in Trump’s strategy.
“This is a monumental development,” stated Pete Rizzo, a self-described “bitcoin historian” and former editor-in-chief at Coindesk, via a post on X.
The inaugural crypto summit at the White House this Friday will gather prominent crypto executives, founders, and investors to discuss with the president’s digital assets working group, crafting a regulatory framework for cryptocurrencies and confirming details of Trump’s crypto reserve strategy.
“Bitcoin has rebounded sharply to reach $90,000 in anticipation of this Friday’s landmark crypto summit,” said Petr Kozyakov, CEO of payment infrastructure provider Mercuryo, in a statement.
He added, “The anticipation that President Trump will announce a bitcoin reserve strategy has sparked a flurry of buying activity. The expected announcement and its implications for future regulatory frameworks are keenly awaited by industry leaders at the summit.”
“This strategic move could significantly shift sentiment in a digital token market still recovering from the recent Bybit exchange hack, the largest ever, and a collapse in the meme coin sector.”
Following Trump’s announcement on Truth Social about planning a US-focused crypto reserve, major cryptocurrencies like Ripple’s XRP, solana, and cardano saw significant gains last weekend.
“A US crypto reserve will significantly bolster this vital industry, which has faced relentless attacks under the Biden administration,” Trump declared on Truth Social, highlighting that his executive order on digital assets has instructed the presidential working group to progress with a crypto strategic reserve that will include XRP, SOL, and ADA.
He also mentioned that bitcoin and ethereum would be part of the reserve, which sparked discussions among bitcoin enthusiasts and criticism towards Trump’s advisors, accused of acting in their own financial interests.
