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Bitcoin Soars as Trump Announces Strategic Crypto Reserve

European leaders push for Ukraine peace plan while U.S. tariff decisions loom, impacting global markets.

People take pictures on an overpass with a display of stock information in front of buildings in the Lujiazui financial district in Shanghai, China August 6, 2024. REUTERS/Nicoco Chan/File Photo
U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • Bitcoin surged over 11% to nearly $95,000 after President Trump revealed plans to include it in a new U.S. strategic cryptocurrency reserve alongside ether, XRP, solana, and cardano.
  • The euro and sterling gained value as European leaders prepared a Ukraine peace proposal to present to the U.S., following tensions between Trump and Zelenskiy.
  • U.S. Commerce Secretary Howard Lutnick suggested tariffs on Canada and Mexico may be less than the planned 25%, while additional 10% tariffs on Chinese imports are set to take effect this week.
  • Asian markets showed mixed reactions, with Japan's Nikkei rising 1.1% and Bitcoin's rally boosting cryptocurrency sentiment globally.
  • European defense stocks, including BAE Systems and Rheinmetall, saw gains as the region's leaders pledged increased defense spending in response to geopolitical tensions.