Bitcoin was rising on speculation that President Donald Trump will unveil a U.S. strategic reserve of the digital currency during Friday's White House crypto summit, Saxo Bank analysts said in a note.

When US president Donald Trump picked out a handful of cryptocurrencies for potential inclusion in a national strategic reserve, he sparked a trading frenzy—and questions about who stands to benefit.

President Donald Trump on March 2 announced the creation of a strategic crypto reserve to include bitcoin, ethereum, XRP, solana, and cardano. Trump says that the "Crypto Reserve will elevate this critical industry" and "make sure the U.