YEREVAN (CoinChapter.com) — Donald Trump announced on March 2 that his Working Group on Digital Assets has been directed to include XRP, Solana (SOL), and Cardano (ADA) in a US crypto reserve. He confirmed that Bitcoin (BTC) and Ethereum (ETH) would also be part of the reserve.
Following the announcement, the global crypto market cap increased by 7% to $3.04 trillion, with Bitcoin surpassing $95,000 after a 7.7% intraday rise. The market responded quickly, but analysts pointed to possible regulatory hurdles that could slow down the process.
Congressional Approval Required for Trump’s Crypto Reserve Plan
The establishment of a US crypto reserve needs Congressional approval, which involves a lengthy process. Aurelie Barthere, a principal research analyst at Nansen, commented on the complexity of the proposal:
“I think constituting a reserve by buying new tokens is a complex process that will need Congress’s vote, so it will take time. I would be a bit wary of the sustainability of today’s move.”
Without legislative approval, the proposal remains uncertain. The market reacted strongly, but future movements will depend on political decisions.
XRP, Solana, and Cardano Lead Market Gains
XRP, Solana (SOL), and Cardano (ADA) saw significant price increases after Trump’s announcement. ADA reached $1.17 before dropping to $0.94, showing volatility in response to the news.
Nicolai Sondergaard, a research analyst at Nansen, noted:
“As Aurelie mentions, it likely will not be that easy, and I expect volatility in these tokens today especially.”
Short-term movements have been unpredictable, and price swings are expected as the situation develops.
Bitcoin Active Addresses at Three-Month High
On Feb. 28, Bitcoin’s active addresses reached their highest level in three months. IntoTheBlock, a crypto intelligence firm, pointed out that such activity can indicate a significant market shift.
The data suggests increased engagement, but the impact of regulatory decisions remains a key factor for future market trends.
White House Crypto Summit to Discuss Regulation
The White House Crypto Summit, scheduled for March 7, is expected to address stablecoin regulation and the strategic crypto reserve proposal. Trump’s involvement in discussions could influence upcoming policies.
Market participants are watching for updates, as regulatory developments continue to shape the future of crypto adoption in the United States.
