Summary: The crypto market went wild after Donald Trump announced a proposal for creating a U.S. cryptocurrency reserve, which caused a staggering $863 million worth of liquidations. Bitcoin and altcoins saw tremendous price increases, with BTC hitting $92,000.
The cryptocurrency market went into a frenzy following the revelation by former U.S. President Donald Trump of a historic initiative to create a U.S. Crypto Strategic Reserve. His initiative, which aimed at making “America First” in the digital asset space, created a frenzy that recorded $863 million worth of liquidations over the past 24 hours.
YOU MIGHT ALSO LIKE: Stellar (XLM) Surges 18% Amid Market Fluctuations, Beating XRP’s Performance
More than 191,000 traders saw their positions wiped out, including one massive liquidation of $15.49 million on Binance’s BTCUSDT pair. In total, $298.66 million came from longs—traders betting on price increases—while $547.17 million came from shorts who were expecting declines.
Bitcoin saw $315.14 million in liquidations, while Ethereum lost $160.23 million. There were large liquidations of XRP, Cardano, and Solana when prices increased as well. Trump announced, via Truth Social on 2 March 2025, that he favored XRP, Solana, and Cardano initially, then added Bitcoin and Ethereum.
YOU MIGHT ALSO LIKE: XRP Price Surges 38% After Trump Includes It in Crypto Strategic Reserve
The market responded instantaneously. Bitcoin rose from $85,207 to $91,929 in 90 minutes and is now trading at $92,000. Ethereum increased by 10% to $2,410, XRP increased by 22% to $2.75, Solana increased by 15.15% to $165, and Cardano stole the show with a whopping 53.21% increase to $1.02.
Trump’s move has shaken the market, turning it into a full-fledged rollercoaster.