Bitcoin (BTC) prices have risen sharply, nearing $98,000 after Eric Trump endorsed investment in the cryptocurrency. His comments to World Liberty Financial sparked a notable price surge, with BTC climbing from $96,900 to $97,830. The Trump administration’s consideration of a strategic bitcoin reserve also adds to investor anticipation in the crypto market.

Bitcoin (BTC) experienced a notable increase, edging closer to $98,000 as Eric Trump, the son of former U.S. President Donald Trump, expressed his enthusiasm for the cryptocurrency. In a post on social media platform X, he stated that it felt like an optimal time to invest in BTC. Following his statement, there was a measurable spike in BTC prices, which rose from $96,900 to $97,830 during Thursday’s Asian trading hours, with micro CME futures surpassing $98,000 according to TradingView data.

Eric Trump’s comments also encouraged the Trump-family affiliated platform, World Liberty Financial, to consider its first bitcoin investment. Earlier in the week, David Sacks, a prominent figure related to the Trump administration, reported that discussions were underway regarding the establishment of a strategic bitcoin reserve, prompting expectations among cryptocurrency investors for swift governmental action on this matter.

The recent discussions about Bitcoin investments have intensified the market’s focus, particularly given Eric Trump’s prominent endorsement. With his encouragement for the Trump family’s crypto platform to enter the BTC market, investor sentiment has sharply shifted. Moreover, the potential establishment of a strategic bitcoin reserve highlighted by the Trump administration adds another layer of intrigue and anticipation for swift movements within the cryptocurrency sector.

In conclusion, the joint influence of Eric Trump’s endorsement and the Trump administration’s strategic considerations surrounding bitcoin has contributed to the upward trajectory of BTC prices. The market observed a significant rise as BTC approached the $98,000 mark, reflecting increased investor interest and confidence in the cryptocurrency’s future. As these developments unfold, the implications for both the crypto market and potential governmental involvement remain critical to watch.

Original Source: www.coindesk.com

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