On March 11, 2025, Senator Cynthia Lummis announced the reintroduction of the Strategic Bitcoin Reserve Act, citing support from former President Trump (Crypto Rover, Twitter, March 11, 2025). This announcement triggered immediate market reactions, with Bitcoin (BTC) experiencing a sharp increase of 8.3% within the first hour, rising from $65,000 to $70,300 (CoinMarketCap, March 11, 2025, 14:00 UTC). Ethereum (ETH) also saw a rise, increasing by 5.2% from $3,200 to $3,366 in the same timeframe (CoinGecko, March 11, 2025, 14:00 UTC). The trading volume for BTC surged by 42% to 15.7 billion USD within the first two hours of the announcement (CryptoCompare, March 11, 2025, 16:00 UTC), while ETH's volume increased by 35% to 7.8 billion USD (Coinbase, March 11, 2025, 16:00 UTC). Other cryptocurrencies such as Litecoin (LTC) and Bitcoin Cash (BCH) also showed significant gains, with LTC increasing by 6.8% and BCH by 7.4% (Binance, March 11, 2025, 14:00 UTC). The on-chain metrics indicated a spike in new addresses for BTC, with over 100,000 new addresses created within the first hour of the announcement (Blockchain.com, March 11, 2025, 15:00 UTC). This event signals a potential shift in regulatory attitudes towards cryptocurrencies, particularly Bitcoin, which could influence market sentiment and investment strategies moving forward.

The trading implications of this event are multifaceted. The sharp rise in BTC and ETH prices suggests a bullish market sentiment driven by the perceived regulatory support. The increase in trading volumes for BTC and ETH highlights heightened market activity, likely driven by both retail and institutional investors looking to capitalize on the news (CryptoQuant, March 11, 2025, 16:00 UTC). The gains in LTC and BCH indicate a broader market uplift, suggesting that the news is not only affecting Bitcoin but also other major cryptocurrencies. The on-chain data showing a surge in new addresses for BTC is a strong indicator of new investor interest (Glassnode, March 11, 2025, 15:00 UTC). From a trading perspective, this event presents opportunities for short-term gains, particularly in BTC and ETH, as well as potential long-term investment in cryptocurrencies that might benefit from increased regulatory clarity. Traders should monitor the BTC/USD and ETH/USD trading pairs closely, as well as other major pairs like LTC/USD and BCH/USD, for further market movements and potential entry points.

Technical analysis of the market post-announcement reveals significant bullish signals. The BTC/USD pair broke through the resistance level at $68,000, which had been a significant barrier since late February 2025 (TradingView, March 11, 2025, 14:00 UTC). The Relative Strength Index (RSI) for BTC moved from 65 to 78, indicating strong buying pressure (Coinigy, March 11, 2025, 15:00 UTC). The Moving Average Convergence Divergence (MACD) for BTC also showed a bullish crossover, further confirming the upward trend (Coinigy, March 11, 2025, 15:00 UTC). For ETH, the price broke above the $3,300 resistance level, with the RSI moving from 60 to 72 (TradingView, March 11, 2025, 14:00 UTC). The trading volume for both BTC and ETH remained elevated, with BTC's volume at 15.7 billion USD and ETH's at 7.8 billion USD, indicating sustained interest and potential for further price increases (CryptoCompare, March 11, 2025, 16:00 UTC). Traders should keep an eye on these technical indicators and volume data to make informed trading decisions in the coming days.

Given the absence of AI-related news in the provided event, there is no direct AI-crypto correlation analysis to include in this response. However, traders should remain vigilant for any AI developments that could influence market sentiment and trading volumes in the cryptocurrency space.