Crypto Daybook Americas: Trump’s Reserve Shock Revives Cautious $100K BTC Hope

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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

In a universe where the crypto market behaves like a hyperactive toddler on a sugar rush, the sentiment on social media has flipped faster than a pancake at a breakfast buffet. One moment it’s “it’s so over” and the next it’s “we are so back!” All thanks to President Donald Trump, who has decided to throw BTC, ETH, XRP, SOL, and ADA into the mix for his long-promised strategic crypto reserve. 🎉

This announcement has sent valuations soaring like a catapulted space probe, with Bitcoin reclaiming its throne at $89,000 and $91,000 as key support levels. The options market is buzzing with renewed interest in the elusive $100K bets, which is about as likely as finding a unicorn in your backyard. 🦄

However, not everyone is ready to pop the champagne just yet. Some analysts are waving caution flags like they’re at a Formula 1 race. “Crypto is back on track with positive momentum and enthusiasm from investors,” says Valentin Fournier, analyst at BRN, in an email that probably took him three cups of coffee to write. “But let’s not forget, no concrete actions have been taken yet, and a continued lack of immediate catalysts could lead to another slowly correcting market.” Sounds like a party pooper, doesn’t he? 🎈

And let’s not forget the elephant in the room: Trump still needs congressional approval for this basket of reserves. While BTC makes sense as a reserve asset (it’s like digital gold, but shinier), including XRP, ETH, SOL, and ADA raises eyebrows. Some of these tokens are about as connected to economic activity as a cat is to quantum physics. 🐱‍👤

It begs the question: Why would a government with debt issues invest in assets that are as useful as a chocolate teapot? 🍫☕

Plus, there are whispers of insider trading related to Trump’s Sunday announcement. An unidentified trader threw around $6 million in a 50x leveraged long bet on BTC and ETH, and then waltzed away with a profit of $6.8 million. “A U.S. crypto reserve could be a great boon to the asset class,” says Mena Theodorou, co-founder at crypto exchange Coinstash, “but investors may feel more confident if significant measures are taken to resolve the fear of insider meddling.” Sounds like a soap opera waiting to happen! 📺

For now, it’s risk-on, and if Wall Street decides to join the party, we could see solid gains in XRP/BTC, SOL/BTC, and ADA/BTC crosses. Solana’s co-founder, Anatoly Yakovenko (or Toly, as his friends call him), has reportedly expressed support for the SIMD-0228 proposal, which aims to reform Solana’s staking mechanism to reduce inflation. Because who doesn’t want to reduce inflation, right? 💸

We can expect more details about the proposed reserve at Friday’s crypto summit at the White House. In the meantime, keep your eyes peeled for Wednesday’s U.S. ISM non-manufacturing (services) PMI and Friday’s payrolls report. Spoiler alert: they might not be as exciting as a cat video, but they could be important! 🐾

Note that the U.S. 10-year yield has declined for seven straight weeks, largely pricing a slowdown in the economy. If the two impending data sets print below estimates, we might see a shift back to that, potentially weighing over risk assets. Because who doesn’t love a good economic rollercoaster? 🎢

Token Talk

By Shaurya Malwa

  • Football icon Ronaldinho launched $STAR10, his latest BNB Chain memecoin earlier on Monday, hitting a $270 million market cap within hours. Talk about a kick-off! ⚽
  • Touted as his “official” token, it’s his fourth known crypto venture since 2018, following Ronaldinho Soccer Coin (RSC), $RON, and a Solana-based token—all of which soared briefly before crashing, earning him “rug pull” accusations. Rug pulls are so last season! 🧶
  • RSC aimed for VR football projects but flopped; $RON and the Solana token faded amid hype and no delivery. Sounds familiar, doesn’t it? 📉
  • Critics on X slam $STAR10 as another cash grab, citing his

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2025-03-03 15:32