U.S. President Donald Trump announced today the creation of a "strategic reserve" of digital assets, causing a surge in cryptocurrency prices. In January, Trump issued an executive order related to digital assets, mentioning that the reserve will include Bitcoin, Ethereum, XRP, SOL, and ADA. These names had not been previously revealed, leading to a significant increase in their prices during Sunday trading, with increases ranging from 8% to 62%.
In his statements, Trump indicated that he instructed the Presidential Task Force to advance the creation of this Cryptocurrency Strategic Reserve, which will include XRP, SOL, and ADA. Some of these coins experienced notable increases, such as Cardano (ADA), which rose 69% in one day to reach $1.07. XRP increased by 36.1% to $2.92, and Solana (SOL) grew by 24.6% to be priced at $174.73.
Trump's decision has garnered support from the cryptocurrency industry ahead of the 2024 presidential elections. The previous administration, led by Joe Biden, had taken stringent regulatory measures to protect citizens from potential fraud and money laundering. However, in recent weeks, cryptocurrency prices had decreased substantially, erasing much of the gains made following Trump's electoral victory.
Analysts believe the crypto market needed a boost, such as signals from the U.S. Federal Reserve regarding interest rate cuts or a favorable regulatory framework from the Trump administration. Details on how this new strategic reserve of digital assets will operate or be established are still unclear. Among the coins mentioned by Trump, Bitcoin stands out as the cryptocurrency with the highest market value, reaching $98,700, while Ethereum, the second-largest, rose by 13.9% to $2,506.
"I will ensure that the U.S. remains the Crypto Capital of the world. And, obviously, BTC and ETH, along with other valuable cryptocurrencies, will be at the core of this strategic reserve."
