The crypto markets have whipsawed following President Donald Trump’s unexpected announcement of a strategic crypto reserve over the weekend. Bitwise Asset Management’s Chief Investment Officer (CIO), Matt Hougan, contends that traders are overreacting to the proposed plan’s details and missing what could be a bullish development for digital assets. Late Sunday, President Trump revealed a United States government initiative to acquire and hold five different cryptocurrencies—Bitcoin, Ethereum, Solana, XRP, and Cardano—in a strategic reserve. Initially, the market response was emphatically positive: Bitcoin’s price surged from around $85,000 to $95,000. However, as Hougan notes in his latest investor memo, that initial optimism was short-lived. By Monday, the major crypto assets named in the announcement had surrendered their gains. Everyone Is Misjudging Trump’s Crypto Reserve Bitwise released its memo on March 4, titled “The Market Has This Wrong: Thoughts on Trump’s Strategic Crypto Reserve.” In it, Hougan points to overly narrow market interpretations as the principal cause behind the abrupt retracement. “The market is overthinking things. For all the flaws in the rollout, the reserve n ..
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