Trump announced the establishment of a Crypto Strategic Reserve that will include XRP, SOL, ADA, as well as Bitcoin and Ethereum, which drove their prices up. A single trader purchased US$195 million in Bitcoin and Ethereum just before the price surge.
China’s February PMIs demonstrated improvements, with the Caixin Manufacturing PMI reaching a three-month high. Chinese equities increased amid ongoing tariff discussions, as authorities aim to maintain stability during the national parliament session.
Crypto market surges on strategic reserve news
The US dollar showed mild weakness, with the euro rising. USD/JPY peaked above 151.00 before dropping to approximately 150.45, likely influenced by speculation on the Bank of Japan’s potential rate hikes in response to US pressures.
Trump’s announcement about the Crypto Strategic Reserve fuelled strong buying across digital assets. The selection of tokens—XRP, SOL, ADA, alongside Bitcoin and Ethereum—pushed prices higher, reinforcing market confidence. What stood out was a trader’s well-timed move, acquiring $195 million in Bitcoin and Ethereum just before values surged. While it is impossible to determine intent, such positioning suggests either deep insight or sheer luck. Either way, this added momentum to an already bullish reaction.
Meanwhile, Chinese economic indicators set a tone of modest recovery. February’s PMIs pointed to better conditions, particularly in manufacturing, where the Caixin index climbed to its best level in three months. That was reflected in stock performance, as shares ticked upwards. Policy discussions on trade remain ongoing, with authorities prioritising stability ahead of the national parliament session. The focus appears to be on ensuring confidence while external negotiations continue.
Currencies react as markets adjust
On the currency side, the US dollar showed slight weakness. The euro capitalised on this, appreciating in response. USD/JPY briefly rose above 151.00 before pulling back towards 150.45. Speculation is now swirling around the Bank of Japan’s next move, as officials weigh potential rate hikes. US pressure could be a factor, adding to market uncertainty. Traders will be watching for any signals from policymakers that may confirm or contradict expectations.
