Business Desk 
Mar 03, 2025
An undated image of Bitcoin. — iStock
Bitcoin, in a dramatic turn of events in the cryptocurrency sphere, on Monday shot up by over 20% after remaining at the lowest since November 2024 until a few trading sessions ending Friday.
Rising by the fifth of its value during the last trading session, Bitcoin on Monday was reportedly trading above $94,000, up from Friday's $78,273.
The world's biggest crypto coin and the subsequent skyrocketing revival, alongside several other cryptocurrencies, was prompted by US President Donald Trump's announcement that these cryptocurrencies would be incorporated in a new US strategic reserve.
Causing a stir in the sluggish crypto market, the US president posted on his social media platform that the executive order he signed in January would pool cryptocurrencies including Bitcoin, Ether, XRP, Solana and Cardano.
Citing Trump's Truth Social post, Reuters reported that the aforementioned cryptocurrencies were not mentioned during an earlier announcement of a digital assets reservoir, adding that Bitcoin and Ether will be central to this stockpile.
Besides gathering optimism around the cryptocurrency and elevating its value by more than 20%, Trump's announcement of a stockpile for digital assets in the US has reverted the sentiment which has been casting a gloom over Bitcoin since mid-January.
