Following President Donald Trump’s announcement on Sunday that some digital assets would be part of his planned U.S. strategic crypto reserve, cryptocurrency values jumped.
Ethereum (ETHUSD) gained over 12%, while Bitcoin (BTCUSD) increased roughly 10%, reaching a high of $94,821 on Sunday night. Following Trump’s particular mention of them, Ripple (XRPUSD) surged 30%, Solana (SOLUSD) increased 20%, and Cardano (ADAUSD) surged more than 50%. Prices began to decline Sunday night after plateauing, with bitcoin falling below $93,000.
Trump stated that his executive order on digital assets will “move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA” in a statement published Sunday morning on his social media network, Truth Social. I’ll see to it that the United States becomes the global center of cryptocurrency.
In a subsequent piece, he mentioned ethereum and bitcoin. Naturally, the core of the reserve will be Bitcoin and Ethereum, two highly significant cryptocurrencies. I adore Ethereum and Bitcoin as well.
Trump has embraced the cryptocurrency space after initially calling it a “scam,” and he has promoted his own meme coins and NFTs. It is generally anticipated that the Trump administration will be more pro-crypto than the Biden administration, which had called for increased industry regulation. At a bitcoin conference last summer, Trump initially proposed the creation of a national strategic cryptocurrency reserve.
On Friday, Trump and his crypto czar, David Sacks, will conduct a crypto summit at the White House, inviting “prominent founders, CEOs, and investors from the crypto industry.”
Despite this, investor apprehension over Trump’s trade policy contributed to bitcoin’s recent worst monthly performance since February 2022.
Bitcoin hit an all-time high of $109,225 on January 20, the day of Trump’s inauguration, but last week it dropped below the $80,000 mark for the first time since early November.
