Here's the summary of the top three crypto news stories over the past weekend presented to you by U.Today.
XRP, ADA and SOL prices skyrocket following crypto strategic reserve announcement
In a recent post on Truth Social, it was announced that XRP, Solana (SOL) and Cardano (ADA) would be part of the U.S. Crypto Strategic Reserve. As stated in the post, the crypto reserve is supposed to make the U.S. the "crypto capital" of the world. Following the announcement, the aforementioned assets saw their prices skyrocket, with XRP jumping 19%, SOL 16% and ADA - an astonishing 52%. Previously, Ripple was lobbying for a multi-token strategic reserve that would include XRP; this initiative, however, was criticized by Bitcoin enthusiasts, who advocated for a Bitcoin-only reserve. Despite the shift away from a Bitcoin reserve, the flagship crypto's price also saw an increase in its value. At press time, Bitcoin is changing hands at $93,107, up 9.03% over the past 24 hours, per CoinMarketCap.
Gamza KhanzadaevBinance's CZ issues crucial advice for those shaken out by Bitcoin crash
The recent market downturn has not been kind to anyone, especially Bitcoin. Over the past seven days, the flagship crypto dropped by 20%, going down to as low as $78,764 before partially recovering to around $85,246. In this time of need, Binance founder Changpeng Zhao, also known as CZ, took to social media to support those affected by the current market conditions, sharing a crucial piece of advice on how to beat all market volatility. According to CZ, "mental stability" is key, and the stability comes from reducing your positions "to a level you can handle." The post reiterates the Binance founder's ideas expressed in his earlier post; on the last day of February, CZ wrote that dips are a normal part of the crypto landscape, and those who are stressed about them should reduce the size of their investment.
144,718,287 Cardano stun world's largest crypto exchange in 24 hours
On Saturday, March 1, Cardano witnessed notable trading activity. Over the course of 24 hours, 144,718,287 ADA have been traded on Binance, indicating active market participation from both whales and retail traders. According to CoinMarketCap data, the trading volume for the USDT/ADA pair surpassed that of the USDC/ADA pair. This large movement is attributed to investors' strategic repositioning ahead of likely price gains on ADA. The asset started recovering over the weekend, with the crypto strategic reserve announcement accelerating its rally. Analysts believe that the recent decision by Grayscale Investments to add Cardano to its Smart Contract Fund could further enhance investor confidence and potentially boost prices. However, despite the 52% price growth over the past 24 hours, ADA is still struggling to surpass the $1 mark; currently, it is changing hands at $0.9897.
Dan Burgin
Vladislav Sopov