Trump's creation of a cryptocurrency reserve with Bitcoin and others sparks market uncertainty

From Cointelegraph

March 7, 2025 4:00:00 pm:

US President Donald Trump surprised investors by directing his digital asset working group to create a cryptocurrency reserve with Bitcoin, Ether, Solana, XRP, and Solana. After a pump, markets reversed within 24 hours, leaving Bitcoin on the verge of a bearish trend reversal, sparking fear and trepidation among investors.

Despite a disastrous first month in office, Bitcoin’s bull market isn’t over. Trump’s trade war chaos could lead to sensible trade policies with China, Canada, and Mexico, potentially heating up the market. The Manufacturing Purchasing Managers Index signals Bitcoin’s cycle peak is likely in late 2025 or early 2026.

Coinbase and Gemini CEOs advocate for a national crypto reserve consisting only of Bitcoin, stating it’s the only digital asset that meets the bar and is the successor to gold. Even Bitcoin critic Peter Schiff sees the value in Bitcoin as digital gold but sees no reason to include altcoins in the reserve.

Japanese investment firm Metaplanet added 497 BTC to its balance sheet at an average price of $88,448, boosting its stock. The company now holds about $251 million worth of Bitcoin, making it one of the top holders of the asset among publicly traded companies. Metaplanet is known as “Asia’s Strategy” for its Bitcoin investment strategy.

Bitcoin’s extreme volatility has put pressure on public miners after the halving event last April. Mining stocks collectively plunged 22% in February, with miner revenues and profits declining significantly since the halving. Companies like Riot Platforms, Bitdeer, and Marathon Digital saw their share prices tumble despite some reporting better-than-expected sales.

Read more at Cointelegraph: The Bitcoin bull market isn’t dead yet