Bitcoin jumps $14,000 after Trump announces cryptocurrency reserve

Bitcoin surged over the weekend after President Donald Trump announced a strategic cryptocurrency reserve in the United States, revealing new details about the move long-awaited by cryptocurrency industry backers.

Bitcoin last traded above $92,000, up 18% from Friday’s low of $78,226.23, according to Coin Metrics. According to CNBC.

Ether is up 13% over the same period, to around $2,300.

Meanwhile, Coinbase and Robinhood shares rose 9% and 7% in premarket trading, while MicroStrategy shares jumped 12%.

Trump announced the creation of a strategic reserve for cryptocurrencies, a modification of the “Bitcoin Reserve” he had previously touted, noting that the reserve would include ether, XRP, Solana’s SOL token, and Cardano’s ADA, in addition to bitcoin.

Bitcoin surged to $95,000, while smaller coins posted double-digit gains.

The news was positive for investors, who had been waiting for cryptocurrencies to emerge from their consolidation phase. Last week, bitcoin fell below $90,000 for the first time in three months, at one point falling 25% below its all-time high in January.

The drop below support put it at risk of sliding toward $70,000, with losses being heavier in smaller, more volatile coins.