olivia77smith8

@olivia77smith8

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Crypto markets rallied significantly following the announcement, with ADA shooting up by approximately 36%, BTC rallying to over $94,000, XRP surging by over 24%, SOL hitting $175 after falling to lows of around $125 during the recent market downturn, and ETH rallying by more than 11%.

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The President initially forgot to mention BTC and ETH but later amended his post, explaining that he loved these assets and that BTC and ETH would comprise the "heart of the reserve."

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"A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration," the President wrote in a March 2 Truth Social post.

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Bitcoin dominance slipped from 55.4% to below 50% in the hours after US President Donald Trump initially announced the country would include XRP, Solana and Cardano in its “Crypto Strategic Reserve.”

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“Custody of non-MiCA-compliant stablecoins will continue, and you will be able to withdraw or deposit non-MiCA-compliant stablecoins at any time,” the announcement noted.

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Mahasneh echoed this sentiment, emphasizing the advantages of operating in the UAE. “There’s a forward-thinking regulatory approach that allows organizations to expand the use of RWAs,” he said.

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Romero said in a Feb. 25 statement shared with Reuters that she would exit once Congress confirms Brian Quintenz, who is currently the global head of policy at venture capital firm Andreessen Horowitz.

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Crypto industry leaders and exchanges rushed to assist Bybit with emergency transfers, including 50,000 Ether from Binance, 40,000 Ether from Bitget and 10,000 Ether from Du Jun, co-founder of HTX Group, among others.

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The Solana-native Libra (LIBRA) token started its rally on Feb. 14, shortly after Milei posted about the project on X, formerly Twitter. His now-deleted post included a website and contract address for the token, which was a “private project” dedicated to “encouraging the growth of the Argentine economy.”

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Argentine President Javier Milei is facing calls for impeachment after endorsing a cryptocurrency project that collapsed in what analysts are calling a massive insider scam.

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The $570 million investment plummeted by well over 99% and was worth only $670 in June 2024 — a major hit to any company’s balance sheet and ability to pay back its loans.

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The collapse of 3AC sent shockwaves through the crypto industry, affecting all crypto firms exposed to the now-defunct crypto hedge fund.

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The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by Three Arrows Capital — a former borrower of Genesis.

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Analysts say this could reverse in 2025, especially if ETH’s price performance enhances ETF returns and regulators allow the funds to generate yields from staking.

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They still lag BTC ETFs, which closed out 2024 with upward of $35 billion in net inflows, according to Farside.

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The Bitcoin market would likely change radically if states become market buyers. A new wave of new investors from global financial centers would flood the crypto markets, changing the market dynamics, psychology and reactions to certain events.

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However, Ismail said much of the Bitcoin purchases would be done via over-the-counter brokers and settled as block trades, so “it may not have an immediate, direct impact on the price of BTC,” but will instead create a long-lasting demand force which will eventually push the price of Bitcoin upward.

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Bank Al-Maghrib has also been exploring the possibility of establishing a central bank digital currency to see how it “could contribute to achieving certain public policy objectives.”

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According to CoinGecko, governments around the world hold about 2.2% of Bitcoin’s total supply, some 471,380 Bitcoin.

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The US government already holds about 213,297 Bitcoin worth over $2 billion, acquired through seizures, with the largest portion coming from shutting down the online the Silk Road black market in 2013.

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