Trump Announces Cryptocurrency Strategic Reserve, Fuels Market Rally
Washington, United States — In a significant development for the cryptocurrency market, former President Donald Trump announced on Sunday that his administration is considering a new US "strategic reserve" that would include five cryptocurrencies. This announcement sent the values of several digital currencies soaring and helped to partially reverse a recent downturn in the market.
In a post on his Truth Social network, Trump revealed that a working group he established shortly after taking office is advancing plans for the strategic reserve. Notably, the reserve is set to include three smaller cryptocurrencies: XRP, Solana, and Cardano. Following Trump’s announcement, XRP experienced a remarkable boost, trading up approximately 34 percent around 1:00 PM local time in Washington (1800 GMT). Solana saw an increase of roughly 22 percent, while Cardano surged more than 63 percent.
Shortly after his initial post, Trump continued to update his followers, indicating that prominent cryptocurrencies such as Bitcoin and Ether would also play a crucial role in the reserve. The news led to Bitcoin’s value rising over 10 percent and Ether approximately 12 percent, further contributing to a broad rally in the cryptocurrency market.
The announcement comes at a time when cryptocurrencies had recently faced significant volatility, influenced by tariff threats from Trump and various new scandals reportedly impacting the sector.
Trump’s involvement in the cryptocurrency world is not a new phenomenon. Both he and his wife, Melania Trump, have previously launched their own branded meme coins, which drew criticism and led some to accuse them of attempting to profit from his political endeavors. Additionally, billionaire executive Elon Musk, a known proponent of cryptocurrencies and a close political ally of Trump, has actively promoted various digital assets on his social media platform, X.
As the market reacts to this latest news, industry observers will be watching closely to see how the proposed strategic reserve might shape the future of cryptocurrencies in the United States and influence investor sentiment going forward.
This unfolding story highlights the intersection of politics and cryptocurrency, which continues to evolve in unexpected ways.
(Note: This article has been produced based on a syndicated feed and has not been independently edited by NDTV staff.)
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