Bitcoin Surges Amid Trump's Crypto Reserve Plans and Market Recovery
Bitcoin Climbs on Trump's Crypto Reserve Speculation
Bitcoin saw a notable rise on Thursday, extending its recovery from recent dips. This surge was fueled by growing speculation about U.S. President Donald Trump's plans to announce a crypto reserve during the White House summit. Risk sentiment improved slightly as Trump made concessions on tariffs with Canada and Mexico, though tensions with China persist.
White House Summit to Reveal Crypto Plans
U.S. Commerce Secretary Howard Lutnick indicated that Trump will unveil details of a Bitcoin strategic reserve at the summit. This reserve, potentially including Bitcoin, Ether, Solana, Cardano, and XRP, has been a key talking point for Trump. However, uncertainty remains on whether the reserve will be established via executive order or congressional approval, with each path presenting challenges.
Core Scientific Shares Plummet
Core Scientific's stock dropped over 13% following reports that Microsoft scaled back its agreements with CoreWeave, a cloud computing firm. Despite CoreWeave's rapid growth and significant funding, delivery delays have led to reduced commitments from Microsoft, a major partner accounting for 62% of CoreWeave's revenue.
Altcoins Show Mixed Performance
The broader crypto market reflected Bitcoin's rebound, with Ether and XRP seeing gains of 2.3% and 4.6%, respectively. Solana rose 2.8%, while Cardano dipped 4.6%. Meme tokens like Dogecoin and $TRUMP also saw increases, though the market remains volatile.
This summary captures the interplay between political developments, market movements, and corporate actions shaping the crypto landscape.
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