The Bitcoin (CRYPTO: BTC) price has enjoyed some heady tailwinds since Donald Trump's sweeping United States presidential election win on 5 November.
In sharp contrast to former US President Joe Biden's tighter regulatory approach, Trump is a big advocate of a free market approach to cryptocurrencies. And a look at the price charts shows investors have taken note.
Here's what I mean.
On 5 November, the world's first and biggest cryptocurrency, by market value, was trading for US$67,811.
By 20 January, the day Trump was sworn into office, the token hit an all-time high of US$109,115, up a blistering 61%.
But with risk assets coming under pressure in February, Bitcoin joined the sell-off, dropping to US$79,049 on 28 February.
As for these early days in March, the Bitcoin price surged 11% on Monday to hit US$94,811.
And it wasn't the only crypto to go ballistic.
The Ethereum (CRYPTO: ETH) price soared 17%; XRP (CRYPTO: XRP) rocketed 33%; Solana (CRYPTO: SOL) surged 26%; and the Cardano (CRYPTO: ADA) price roared 75% higher.
And once again, crypto investors have Donald Trump to thank for the big moves higher.
Image source: Getty Images
How Trump just goosed the Bitcoin price…again
Over the weekend, Trump threw some greater light on his January executive order that the US would build a strategic reserve of cryptocurrencies.
As you may have guessed from Monday's big move for the Bitcoin price and the other four cryptos named above, Trump posted on Truth Social that the strategic reserve will include Ethereum, Bitcoin, Cardono, Solano, and XRP.
What are the experts saying?
Commenting on the US announcement that sent the Bitcoin price and other cryptos soaring, Josh Gilbert, market analyst at eToro, said, "We always knew that Trump's presidency would be pivotal for crypto throughout his term, and this is a sign of how quickly the market can turn on a dime. "
He noted that the rebound this week "follows the broader crypto market sell-off last week as the largest cryptocurrency heist in history and the implementation of tariffs in the US sent ripple effects across markets".
Gilbert added:
Sentiment in the crypto market has dropped significantly but has recovered from the 'extreme fear' of last week to just 'fear' territory this week, thanks to Trump's announcement over the weekend.
Federico Brokate, head of US business at 21Shares, said (quoted by Reuters):
This move signals a shift toward active participation in the crypto economy by the US government. It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the US's leadership in digital asset innovation.
The Bitcoin price is currently at US$87,648.
