Bitcoin (BTC) exceeded $ 90,000, as Trump’s plans for crypto strategic reserves for crypto strategic reserves. President Trump’s allegations that he thought of giving a special status to Bitcoin aroused a great impact on the market.
What does Trump’s Bitcoin reserve plan tell?
US Trade Minister Howard Lutnick said Bitcoin could be considered as strategic reserve at the White House Crypto Summit. The Trump administration is allegedly planning to evaluate Bitcoin in a separate status from other crypto beings.
Lutnick implied that BTCOIN would be given a special privilege for BTC, saying something different and other crypto currencies will be handled differently. This statement rapidly pulled the price of Bitcoin, while Altcoin led the investors to uncertainty.
The market is moving Bitcoin -oriented
As we researched as Kriptokoin.com, Bitcoin rose to $ 90,097 with the effect of the news. This means an increase of 7 %in the last 24 hours. The rise of Bitcoin as a market leader also activates the Altcoin market.
However, Trump’s statements have no clear role in Ethereum and other Altcoins. This is the uncertainty in the Altcoin market, although it is added to the reserve list of assets such as XRP, left and island.
Is it a danger or opportunity for Altcoins?
Some experts think that the privilege of Bitcoin may pose a risk for Altcoins. Peter Schiff, who has long been opposed to BTC, described Trump’s plan as “a great crypto fraud”.
In contrast, some analysts argue that a rise under the leadership of Bitcoin will accelerate the Altcoin market. Historically, Bitcoin’s powerful rally usually pointed out the beginning of Altcoin seasons. So, how will Bitcoin’s rise reflect on Altcoins?
What will the Altcoins do while Bitcoin gains privilege?
As Kriptokoin.com, we think that Bitcoin’s accepted as a strategic reserve can make it a safer asset in the eyes of investors. This may increase the price of BTC by increasing the interest of corporate investors. However, the future of Altcoins remains uncertain. If the Trump administration gives Bitcoin a specific status and keeps other crypto currencies in the background, serious fluctuations may occur in the Altcoin market.
On the other hand, historically Bitcoin rises in the crypto world were the beginning of Altcoin rally. Therefore, it is critical for investors to follow the market closely and determine strategy according to the developments.
