On Sunday, Donald Trump announced that five cryptocurrencies were being considered for a new US “strategic reserve,” which caused their valuations to soar and partially reverse a previous decline. The US president stated on his Truth Social network that a working group he established soon after assuming office is proceeding with the reserve, which would comprise three minor cryptocurrencies: Cardano, Solana, and XRP.
When the news broke, the value of all three digital currencies skyrocketed, with XRP up over 34% at 1:00 pm local time in Washington (1800 GMT). Cardano increased by almost 63 percent, while Solana gained over 22 percent.
Noting that other valuable cryptocurrencies, like as bitcoin and ether, would be at “the heart of the Reserve,” Trump commented again a few minutes later. This caused the price of the two main digital currencies to increase by more than 10 percent and 12 percent, respectively.
Trump’s posts contributed to a widespread rally in cryptocurrencies, which had fallen precipitously in the previous days as investor confidence in the highly volatile assets was shaken by Trump’s tariff threats and fresh scandals involving the industry.
Trump and people close to him have already expressed opinions about the cryptocurrency industry in posts published on Sunday. Recent claims that Trump and his wife Melania were trying to profit on his political achievements were sparked by the introduction of their own branded meme coins.
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