US President Donald Trump announced that Bitcoin, Ethereum, XRP, Solana, and Cardano would be included in the country’s new strategic cryptocurrency reserve. This led to a rapid increase in the value of these coins, as well as the crypto market as a whole, by $300 billion.
US President Donald Trump announced that Bitcoin, Ethereum, XRP, Solana, and Cardano would be included in the country’s new strategic cryptocurrency reserve. This led to a rapid increase in the value of these coins, as well as the crypto market as a whole, by $300 billion.
In a post on Truth Social, Trump said his January executive order on digital assets would create a reserve of currencies, XRP, SOL and ADA. More than an hour later, he added: «And obviously BTC and ETH, as well as other valuable cryptocurrencies, will be at the core of the reserve», — Reuters reported.
Bitcoin, the world’s largest cryptocurrency by market value, rose more than 11% to $94,164 on Sunday. Ethereum, the second-largest cryptocurrency, rose about 13% to $2,516. The overall cryptocurrency market rose about 10%, or more than $300 billion, in the hours after Trump’s announcement.
It was previously reported that Donald Trump’s «America First» strategy could affect the pool of cryptocurrencies that will be included in the US strategic reserve. According to anonymous sources, priority will be given not to Bitcoin or Ethereum, but to coins that are based in the US.
XRP is the token of the cryptocurrency company Ripple Labs. Ripple has supported the so-called supercoalition campaign to influence the November congressional elections in favor of the crypto industry.
«This move signals a shift toward active U.S. government engagement in the crypto economy. It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen U.S. leadership in digital asset innovation,» said Federico Brocate, head of U.S. business at 21Shares, a digital asset investment management firm.
Trump has won the support of the crypto industry in the 2024 election, and he has quickly moved to support their policy priorities. He is hosting his first crypto summit at the White House on Friday, and his family has also launched its own coins.
Analysts say the market needs a reason to rise, such as signs that the US Federal Reserve plans to lower interest rates or a clear regulatory framework for cryptocurrencies from the Trump administration.
Jeff Kendrick, an analyst at Standard Chartered, predicts that Bitcoin will reach $500,000, up from a record high of $109,071, before Trump leaves office.
Trump’s announcement came as Bitcoin’s value fell 5% in a day and is about 25% below its all-time high in December. Bitcoin was trading at $78,782 in Asia and around $78,900 in London this morning. The drop in the world’s largest cryptocurrency was due to uncertainty over Trump’s tariff plans and cryptocurrency policy, as well as a drop in investor confidence, who began withdrawing their money after the $1.5 billion Bybit hack.
