Here's Why Bitcoin and Ethereum Are Soaring Today
- March 3, 2025
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Many cryptocurrencies skyrocketed over the weekend. Industry giant Bitcoin (CRYPTO: BTC) gained 13% from Friday's market close to 9:15 a.m. ET on Monday. Smart contracts veteran Ethereum (CRYPTO: ETH) posted a 15.4% gain over the same period.
The crypto market never sleeps, being open for trading at all hours, every day, but you can double-check the leading coins' moves against their more traditional exchange-traded funds (ETFs). The iShares Bitcoin Trust (NASDAQ: IBIT) topped out at a 10.7% gain on Monday and the iShares Ethereum Trust (CRYPTO: ETHA) stopped at a 7% maximal gain.
They all backed down from these double-digit price increases. As of 11:35 a.m. ET, the leading Bitcoin ETF is up by 6.7% while its Ethereum-based cousin shows a 2.7% weekend return.
These jumps were inspired by potentially positive news from the White House. In a flurry of social media posts on Sunday, President Donald Trump doubled down on his promise to create a strategic reserve of cryptocurrencies, holding coins of Ethereum, Bitcoin, and at least three other cryptos.
What's going on in the crypto market right now
This isn't a new idea for Ethereum and Bitcoin investors, who have seen the Trump administration explore the strategic reserve idea since last year's campaign. However, things are getting more concrete and it's always good to see new details on how this plan is supposed to work.
To that end, Trump foreshadowed the declaration of a new executive order designed to set up a gold-like reserve of cryptocurrency assets. The working group for digital assets that he launched in January will be directed to "move forward" with the design and implementation of a digital currency reserve.
The posts came at a stressful time in the crypto sector. After Monday morning's price jumps, Bitcoin is not quite back where it was a week ago. Ethereum prices dropped 11% lower over the same period.
Digital asset investors backed down from their Ethereum and Bitcoin commitments last week for two reasons: