TLDR
- Bitcoin surged back above $90,000, climbing approximately 10% in 24 hours
- Commerce Secretary Howard Lutnick reportedly confirmed Trump will announce a U.S. strategic bitcoin reserve at Friday’s White House crypto summit
- Bitcoin’s wild price swings follow Trump’s social media post about creating a U.S. crypto reserve that would include BTC, ETH, XRP, SOL, and ADA
- The first-ever White House crypto summit will take place Friday with industry executives to discuss regulation
- Markets also responded to potential tariff relief for Canada and Mexico after Lutnick suggested possible concessions
Bitcoin prices have seen major movements this week as investors react to news about U.S. President Donald Trump’s crypto plans. The world’s largest cryptocurrency has bounced back above $90,000, rising about 10% in just 24 hours.
The price recovery comes after a week of ups and downs for the crypto market. Many of these price swings were tied to statements from President Trump about his administration’s plans for digital assets.
BTC Price
Commerce Secretary Howard Lutnick has reportedly confirmed that Trump will announce a U.S. strategic bitcoin reserve during Friday’s upcoming White House crypto summit. This news has helped push the combined crypto market value back over $3 trillion.
“The President definitely thinks that there’s a bitcoin strategic reserve,” Lutnick told news site The Pavlovic Today. He added that bitcoin would receive a “unique status” under Trump’s plans.
Pete Rizzo, former Coindesk editor-in-chief who describes himself as a “bitcoin historian,” called the news “massive” in a post on X. The market seems to agree with this assessment based on the quick price recovery.
BREAKING: US COMMERCE SECRETARY HOWARD LUTNICK SAYS STRATEGIC #BITCOIN RESERVE "WILL BE ANNOUNCED" AT TRUMP WHITE HOUSE SUMMIT
"OTHER TOKENS WILL BE TREATED POSITIVELY BUT DIFFERENTLY."
THIS IS MASSIVE 🚀 pic.twitter.com/zUUMLSrCla
— The Bitcoin Historian (@pete_rizzo_) March 5, 2025
Friday’s summit will be the first White House crypto meeting of its kind. It will bring together important crypto executives, founders, and investors with members of the president’s working group on digital assets.
The meeting aims to create a regulatory road map for cryptocurrencies. It will also likely provide more details about Trump’s proposed crypto strategic reserve.
Petr Kozyakov, CEO of payment platform Mercuryo, commented on the situation.
“Renewed optimism that U.S. president Donald Trump will make the announcement of a bitcoin reserve strategy is triggering a wave of buy orders for the king of crypto,” he said.
The current market excitement follows Trump’s recent post on Truth Social. In that post, he stated plans to create a U.S.-focused crypto reserve that would include several major cryptocurrencies.
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration,”
Trump wrote. He added that his executive order on digital assets directed the presidential working group to “move forward on a crypto strategic reserve that includes XRP, SOL, and ADA.”
Trump later clarified that bitcoin and ethereum would also be included in the reserve. This announcement caused prices for these tokens to rise quickly last weekend.
Some bitcoin supporters criticized the initial announcement for naming smaller cryptocurrencies ahead of bitcoin. Critics suggested Trump’s advisors might be acting in their own interest rather than following market fundamentals.
Bitcoin Strategic Reserve
The idea of a U.S. bitcoin strategic reserve isn’t entirely new. Trump confirmed such plans back in December during an interview with CNBC.
“We’re gonna do something great with crypto because we don’t want China, or anybody else… but others are embracing it, and we want to be ahead,” Trump told CNBC at that time. When asked specifically about creating a bitcoin strategic reserve similar to the oil reserve, Trump responded, “Yes, I think so.”
Trump’s interest in bitcoin goes back even further. In July, while still a Republican candidate, he promised to create a “strategic national bitcoin reserve” during an appearance at the Bitcoin 2024 conference.
Bitcoin’s recent price action hasn’t been driven solely by the reserve news. Investors are also watching developments around Trump’s trade policies, particularly regarding tariffs.
Lutnick suggested on Tuesday evening that Trump might make concessions for Canada and Mexico. This came after the administration imposed 25% tariffs against both countries earlier this week.
The possibility that these tariffs might be short-lived has improved appetite for risk-driven assets like bitcoin. Stock markets have also shown mild recovery from recent losses based on these comments.
However, Trump made no mention of tariff concessions during his Tuesday address to Congress. Instead, he appeared to strengthen his tariff agenda, saying that more measures were coming by early April.
All eyes are now on Friday’s White House Crypto Summit.
