Key Highlights:

• Bitcoin’s price jumped beyond $91,000 after U.S. President Donald Trump announced plans for a cryptocurrency strategic reserve.
• The announcement also boosted prices of XRP, Solana, Cardano, Bitcoin, and Ether, all experiencing significant gains.
• Stocks associated with cryptocurrency like MSTR, COIN, HOOD, MARA, and RIOT are expected to receive bullish bids as well.
• This strategic move is anticipated to restore positive sentiment in the digital asset market, with a crypto summit scheduled for March 7.

Bitcoin’s (BTC) value surged past $91,000 on Sunday after U.S. President Donald Trump declared the establishment of a crypto strategic reserve for the world’s leading economy. In his first announcement, Trump included XRP, Solana (SOL), and Cardano (ADA) in the reserve and subsequently noted that BTC and Ether (ETH) would also be featured.

XRP soared 31% in the previous 24 hours, trading around $2.80, while ADA and SOL values climbed above $1 and $160 respectively, both rising over 20% on Sunday. Meanwhile, BTC increased by 6%, ultimately trading above $91,000 after fluctuating between the $80,000 to $84,000 range. ETH rose to over $2,400, marking a nearly 10% increase within the same timeframe. The broader CoinDesk 20 Index (CD20) surged by a remarkable 17% in the last day.

This news is also expected to support the prices of related stocks like Strategy (MSTR), Coinbase (COIN), Robinhood (HOOD), and bitcoin mining firms such as MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK). Trump’s initiative is likely to reignite positive sentiment in the digital assets sector, which saw a downturn in the previous week. The enthusiasm began to return when the White House announced that Trump would host a crypto summit on March 7, slated to feature “prominent founders, CEOs, and investors from the crypto industry.”