ADA, XRP and SOL are seeing profit booking just a day after rallying following President Trump’s US strategic crypto reserve announcement. Is the market headed toward new lows?
Cryptocurrency traders were in for a pleasant surprise on March 2 after US President Donald Trump announced a crypto strategic reserve to include Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). The news triggered huge buying, with Bitcoin rising from about $85,000 to $95,000 and Cardano galloping more than 72%. The remaining altcoins also saw a strong rally.
However, Nansen principal research analyst Aurelie Barthere said that establishing a US crypto reserve will take time as it needs a vote in Congress. Research analyst Nicolai Sondergaard from the same blockchain analytics firm told Cointelegraph that the tokens selected for the crypto reserve are likely to witness volatility.
Crypto market data daily view. Source: Coin360
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