Bitcoin Over $91,000, Ether And XRP Rise After Trump’s Speech On Venezuela Attack
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Bitcoin hit its highest price since December 12th, surpassing $91,000. Bitcoin's rally has had an impact on the broader crypto market, with other cryptocurrencies such as Ether, XRP, BNB and Solana also posting gains.
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Bitcoin has pulled back above $91,000, surprising many who expected a deep pullback following Trump's speech on Saturday about US military intervention in Venezuela and the situation.
The leading crypto asset is trading at $91,346 per CoinGecko, after returning to $90,000 on Friday and holding up through Saturday despite geopolitical volatility. It is currently at its highest level since December 12.
Altcoins have joined the rally, with Ethereum, XRP, BNB and Solana all posting gains. Over the past 24 hours, the total crypto market cap has risen 1 percent to $3.2 trillion. MYX Finance, TRON and Dogecoin were the standout performers during this stretch.
Trump arrested Venezuelan leader Nicolas Maduro and his wife.
Maduro has been arrested in New York and will appear in court on Monday on charges of narco-terrorism, the BBC reported.
The crypto market is the only active place for price discovery this weekend. But the biggest market reaction is expected in oil, where traders may begin to factor in heightened geopolitical risk. Any cuts in Venezuelan exports or fears of regional instability could support crude prices in the short term, even if there is no immediate supply shock.
Trump's strategy focuses on deploying American oil experts to fix the country's crumbling energy infrastructure, which he hopes will be a win-win for both countries.
Russian billionaire Oleg Deripaska commented on Trump's plans, saying that taking control of Venezuela's oil fields could effectively affect the United States' more than 50 percent of the world's reserves.
Venezuela's reserves are estimated at 303 billion barrels, the largest in the world and equal to one-fifth of the world's proven reserves.
