Cryptocurrencies rallied on Sunday after US President Donald Trump announced the creation of a strategic crypto reserve for the United States that will include bitcoin and ether, as well as XRP, Solana’s SOL token and Cardano’s ADA. 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, he said in a post on Truth Social. I will make sure the U.S. is the Crypto Capital of the World. And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve, he said in a follow-up post. I also love Bitcoin and Ethereum! XRP surged 33 per cent after the announcement while the token tied to Solana jumped 25 per cent. Cardano's coin soared more than 60 per cent. Bitcoin rose 10 per cent to $94,343.82, after dipping to a three-month low under $80,000 on Friday. Ether, which has suffered some of the biggest losses in crypto year-to-date, gained 13 per cent. Trump is hosting the first White House Crypto Summit on Friday, and investors will be watching closely for more clues about the direction of the reserve plans. This is the first time Trump has specified his support for a crypto reserve versus a stockpile. While the former assumes actively buying crypto in regular installments, a stockpile would simply not sell any of the crypto currently held by the U.S. government. Trump first introduced the idea of a bitcoin stockpile, which would keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future last summer at Bitcoin 2024 in Nashville, one of the industry's largest conferences, where he began courting the crypto vote. After his re-election in November, the drumbeat for a strategic bitcoin reserve grew louder, helping send the price of the flagship cryptocurrency to new all-time highs. That momentum seemed to come to a halt after Trump issued his executive order on crypto in late January. It called for the President's Working Group on crypto to evaluate the potential creation and maintenance of a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts, among other things.
