WEST PALM BEACH, Fla. — US President Donald Trump announced the names of five digital assets expected to be included in the new US crypto strategic reserve on Sunday, bringing the market value of each of them soaring.
Trump said on social media that the January executive order on digital assets would create stockpiles of currencies such as Bitcoin, ether, XRP, SOL and ADA. The name had not been announced previously.
Assets rose 8% to 62% in Sunday trading.
Trump said his orders “instructed the Presidential Working Group to advance crypto strategic reserves, including XRP, SOL and ADA. We confirm that the United States is the crypto capital of the world.”
More than an hour later, Trump added another post. “And obviously, BTC and ETH are at the heart of the reserve as other valuable cryptocurrencies.”
Trump’s Bitcoin Plan: Trump aims to create a Bitcoin Strategic Reserve. How does it work?
Bitcoin, the world’s largest cryptocurrency by market value, rose by around 8% to $90,828. Ether, the second largest cryptocurrency, rose 8.3% at $2,409.
The Republican president won support from the crypto industry in his 2024 election bid, and he quickly moved to support their policy priorities. Under his democratic predecessor, Joe Biden, regulators crack down on the industry to protect Americans from fraud and money laundering.
However, cryptocurrency prices have been falling sharply in recent weeks, with some of the biggest digital currencies wiping almost every profit that took place after Trump’s election victory, sparking a wave of excitement across the industry.
Analysts say there is a need for reasons to move higher, including signs that the US Federal Reserve is planning to cut interest rates and a clear crypto-regulation framework from the Trump administration.
Trump is holding his first White House Script Summit on Friday. His family also launched their own coins.
It is not clear how new stockpiles will set up or work.
Analysts and legal experts are divided on whether Congressional actions are necessary. Some people argue that it could be established through the US Treasury Department’s Exchange Stabilization Fund, which can be used to buy and sell foreign currency.
Trump’s crypto groups had planned to consider potentially creating stockpiles with cryptocurrencies seized in law enforcement action.
This article was originally published on USA Today.