Cryptocurrencies surge on Trump announcement
On Sunday (U.S. time), President Donald Trump announced the establishment of a U.S. strategic crypto reserve, aiming to position the United States as a global leader in cryptocurrency.
This reserve will include major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as lesser-traded tokens like XRP, Solana (SOL), and Cardano (ADA).
The announcement on the establishment of a U.S. strategic cryptocurrency reserve saw cryptocurrencies surge.
President Trump stated, “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World.”
Trump then went on to include other currencies, adding, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
Following the announcement, cryptocurrency markets experienced significant surges (prices in USD):
- Bitcoin (BTC): Increased by over 11%, reaching more than $94,600.
- Ethereum (ETH): Rose by 14%, hitting over $2,500.
- Ripple (XRP): Jumped by 32% to more than $2.95.
- Solana (SOL): Surged 26% to just over $1.77.
- Cardano (ADA): Increased by 72% to over $1.12.
This initiative is part of the administration’s broader strategy to support digital assets, including fostering blockchain technology and creating a national Bitcoin stockpile.
The announcement also led to a substantial global rally in the digital currency market, with values surging by $100 billion within an hour.
While the establishment of the crypto reserve has been positively received by investors, details about its implementation and regulatory framework are yet to be clarified.
