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President Donald Trump said the U.S. strategic reserve of digital assets will include bitcoin and less-traded tokens, cryptocurrency prices rose on Sunday.
Trump, who once told the cryptocurrency industry, said the strategic reserves would “elevate this key industry” “after years of corruption attacks on the Biden administration.
On his first day of his tenure, Trump signed an executive order supporting digital assets and blockchain technology and vowed to create nationwide cryptocurrency inventory, an action that investors celebrate.
Trump said on Sunday that Bitcoin and Ethereum will be “the core of the reserves”, adding that it will also include Solana, XRP and Cardano.
“I will make sure America is the crypto capital of the world,” he wrote on his Truth Society account. “We make America great again!”
His comments have pushed prices across the industry up after weeks of sales pressure as cryptocurrencies were hit by shocks from riskier assets.
Bitcoin rose 10% to $94,118, while Ethereum rose 12% to $2,501, according to Coindesk. Solana, the token that represents the blockchain that hosts most memes, including Trump’s own coins, climbed 24% to $174.64.
ADA, which represents Cardano blockchain, soared 60% to $1.04. XRP, coin affiliated with payment group Ripple, rose 32% to $2.87.
“It’s an extraordinary day for currencies like Cardano. Strategic reserves are the holy grail of the cryptocurrency market, everything they can expect from some kind of experiment to the reserve currency of the United States.
He noted that digital prices have been steadily falling since the inauguration, inconsistent with Trump’s claim to be pro-President Clateto.
“That’s not what he might have expected. The timing is very good for him.”
Traders cite their frustration that the Trump administration hasn’t carried out some of the reforms he promised on the campaign faster.
His administration has stopped enforcing the industry faster, the top securities regulator under former President Joe Biden, calling it the “Wild West.” . . Full of fraud, scams and abuse”.
Cryptocurrency exchange Coinbase said last month that the SEC has agreed to target its landmark case against the company, which has been accused of not registering as a national stock exchange, broker or clearing agency.
Executives from other groups, including cryptocurrency exchanges Gemini and Opensea, also indicated that securities regulators have investigated their businesses.
The White House will hold its first cryptocurrency summit this month, and traders will keep an eye on signs of the presidential task force as they approach the launch of crypto reserves. Cryptocurrency merchants believe that this reserve has believed that gold similar to Fort Knox (will buy and hold Bitcoin) would provide legality to asset classes.
Trump proposed to the crypto industry during his campaign and held a Bitcoin conference in Nashville last July.
Trump spoke last month that he had ended the “Joe Biden war on bitcoin and cryptocurrency. We’re completely over the war.” He added that his campaign won a “full vote.”
