Why is Bitcoin Soaring? Anticipated News Arrived, The Market Greened Up – Here’s All You Need to Know

Bitcoin, ETH, XRP, Solana, and Cardano experienced significant price increases following US President Donald Trump’s announcement of plans to establish a US-focused crypto reserve.

Bitcoin’s price has climbed above $90,000. Meanwhile, XRP and Ethereum rivals Solana (SOL) and Cardano (ADA), which are considered US-made cryptocurrencies, have gained between 20% and 50%.

After the announcement that Ethereum and Bitcoin would also be in the reserve, both cryptocurrencies responded with an increase.

“The U.S. crypto reserve will elevate this critical sector after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA,” Trump said on his Truth Social account. In a subsequent statement, Trump confirmed that Ethereum and Bitcoin would also be in the reserve.

The sudden rise in the market also showed itself in liquidation data. There was a liquidation of $555 million in the cryptocurrency market in the last 24 hours. $410 million of these were in short positions.

*This is not investment advice.