The cryptocurrency market is witnessing a renewed bullish sentiment as Bitcoin (BTC) surged nearly 10% in the last 24 hours, reaching a high of over $95,000. The surge was triggered by a major announcement from President Donald Trump, directing the Presidential Working Group to move forward with a crypto strategic reserve.
This reserve will reportedly include major digital assets such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Market analysts are referring to this development as the "Trump Put," implying that the administration will take action to support the crypto market, similar to how central banks intervene in traditional markets.
Options Market Signals $100K BTC Target
With this market shift, BTC options trading has seen a major spike in activity, particularly on Deribit, where the $100K strike call saw the largest increase in open interest within 24 hours, totaling over $100 million in contracts. Traders and analysts now anticipate Bitcoin could cross the $100K mark in the coming weeks.
Market sentiment remains mixed, with institutional investors showing optimism while skeptics argue that Trump’s announcement lacks concrete legislative backing. Attention now turns to the March 7th White House Crypto Summit, where more details about the crypto reserve may emerge.
➡️ Stay updated with Tongram for the latest crypto news and market trends.