Bitcoin's price continues to rise, surpassing $97,000, driven by optimism surrounding U.S.-China trade relations.
Bitcoin Price Surge and Foreign Policy Impact
Bitcoin rose 3.3% in the last 24 hours, reaching $97,078, fueled by easing trade tensions between the U.S. and China. Other major cryptocurrencies, including Ether (ETH), Solana (SOL), and XRP, also saw positive movements.
Creation of the U.S. Strategic Bitcoin Reserve
The U.S. administration is advancing a Strategic Bitcoin Reserve initiative, ordered by President Donald Trump in March. The reserve is expected to be sourced from government-held BTC obtained through forfeiture, although details are pending. The Presidential Working Group on Digital Assets is set to report on a national strategy by July 22.
Seasonal Trends and Market Positioning
Historical trends indicate May has brought mixed results for Bitcoin. However, analysts predict that 2025 may break this pattern, influenced by increasing state-level interest, such as New Hampshire becoming the first state to approve a Strategic Bitcoin Reserve bill.
In conclusion, the increase in Bitcoin's price due to shifts in policy and legislation could significantly influence future trends in the crypto industry.
