Cryptocurrencies are rallying following US President Donald Trump’s forecast of an incoming large tax refund season in 2026. Following the announcement, BTC, ETH, XRP, SOL, and ADA posted impressive 24-hour…
Cryptocurrencies are rallying following US President Donald Trump’s forecast of an incoming large tax refund season in 2026. Following the announcement, BTC, ETH, XRP, SOL, and ADA posted impressive 24-hour gains, attempting to erase jarring losses from the start of December.
Trump’s promise of an incoming large tax refund season has stoked the enthusiasm of cryptocurrency investors. In a recent speech, the US President noted that Americans can expect bigger tax rebates in 2026 as a result of his “big beautiful bill” enacted in July.
“Many families will save between $11,000 and $20,000 per year,” said Trump. “Next spring is projected to be the largest tax refund season of all time.”
Following the announcement, top cryptocurrencies surged, and daily transaction volumes rose significantly. According to data from CoinMarketCap, Bitcoin soared to an intraday high of $89,412 from lows of $85,107, adding over $4000 in a single day.
Other cryptocurrencies latched onto Bitcoin’s rally, with Ethereum recording a near-4% rally over the last day. Meanwhile, BNB price reacted to Trump’s declaration, surging to an intraday high of $850 from a daily low of $819.9.
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SOL and DOGE notched respectable gains of 2% on the 24-hour chart while ADA posted a 1% gain in the same timeframe. At press time, the global cryptocurrency market capitalization sits at $2.99 trillion, while 24-hour trading volume surged nearly 30% to settle at $148 billion.
Pundits noted that the promise of sizable tax refunds serves as an imminent liquidity injection for the cryptocurrency markets. Historically, recipients have always allocated refunds to risk assets like stocks and cryptocurrencies, significantly jolting prices via retail demand.
