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The cryptocurrency market has experienced a sudden surge in prices, with Bitcoin, Ethereum, XRP, Solana, and Cardano all seeing significant gains. This upswing can be attributed to the recent announcement by President Trump regarding his plans to include five cryptocurrencies in a new strategic reserve.
Following Trump’s declaration, the prices of these digital assets swiftly rose, with some investors making substantial profits. One notable instance is that of a crypto whale who placed large 50x leverage long bets on Bitcoin and Ether before the President’s announcement, resulting in nearly $7 million in profit.
Despite the rapid growth, some industry leaders have criticized Trump’s plan to include coins other than Bitcoin in the reserve. Peter Schiff, a well-known critic of cryptocurrency, has expressed his disapproval, stating that including XRP in such a reserve is unclear and that he only comprehends the rationale for a Bitcoin reserve, as “Bitcoin is digital gold.”
Source: https://coinpedia.org/news/why-crypto-market-is-up-today/
