Economy

Bitcoin soared after Trump’s statement: what is happening in the cryptocurrency market

The cryptocurrency market soared after US President Donald Trump announced that he was postponing the introduction of duties on cars. This is reported by Komersant ukrainskyi with reference to CoinDesk.

As of March 6, 2025, bitcoin is trading at around $90,776, reflecting a recent upward trend. This is closely related to the recent cryptocurrency policy of US President Donald Trump, including the announcement of the creation of a US Strategic Cryptocurrency Reserve, as well as the postponement of the introduction of a duty on cars.

What you need to know about the postponement of car duties in the United States

on March 5, 2025, President Donald Trump announced a one-month postponement of the planned 25% duty on imports of cars from Canada and Mexico, which was to take effect on April 2. This decision was made after talks with the heads of the largest US automakers – General Motors, Ford and Stellantis – who expressed concern about the potential economic impact of such duties.

The proposed duties are part of a broader strategy by the Trump administration to address trade imbalances and pressure neighboring countries to step up efforts to combat problems such as fentanyl smuggling. However, the automotive industry has been sounding the alarm that these tariffs could disrupt supply chains, increase production costs, and lead to higher consumer prices.

The announcement of the duty postponement had an immediate positive impact on financial markets. Shares of the largest US automakers – General Motors, Ford, and Stellantis – rose significantly, each by more than 7% on average. In addition, broader market indices such as the Dow Jones, Nasdaq, and S&P 500 rose markedly, reflecting investor relief after the temporary postponement.

Trump’s cryptocurrency policy and the rise of bitcoin

on March 2, 2025, Donald Trump unveiled plans to create a “Cryptocurrency Strategic Reserve” to position the United States as a leader in digital assets. This reserve should include major cryptocurrencies such as:

• Bitcoin (BTC);
• Ethereum (ETH);
• Ripple (XRP);
• Solana (SOL);
• Cardano (ADA).

The announcement led to an immediate market reaction, with the price of bitcoin jumping to almost $93,000 and then stabilizing at $90 thousand.

Market reaction and prospects

The creation of a national cryptocurrency reserve was met with mixed reactions. While some investors see it as an important step towards the widespread adoption of cryptocurrencies, others have expressed concern about the inclusion of smaller and more volatile tokens alongside bitcoin.

In particular, bitcoin supporters such as Tyler Winklevoss argue that the reserve should focus exclusively on bitcoin to strengthen its position as a store of value.

It is worth noting that on March 7, the White House will host the Crypto Summit, which, according to experts, will further influence the trajectory of bitcoin development.