Crypto Markets Surge as Trump Backs Five Digital Currencies for National Reserve

In a move that has shaken the cryptocurrency market, US President Donald Trump has announced his support for five digital currencies—Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—as part of a proposed Crypto Strategic Reserve aimed at positioning the US as the “Crypto Capital of the World.”

Market Reaction: Crypto Prices Soar

Following Trump’s social media announcement, prices of the five endorsed cryptocurrencies experienced significant surges:

• XRP, Solana, and Cardano saw gains of up to 62% on Sunday.

• Bitcoin and Ethereum also rallied, each climbing more than 10%.

This marks a sharp reversal from previous market declines after Trump’s election, signalling renewed optimism within the crypto community.

Trump’s Shift from Crypto Critic to Advocate

Trump’s stance on cryptocurrency has evolved dramatically. In 2021, he dismissed Bitcoin as a “scam” during an interview with Fox News. However, his recent embrace of digital assets—along with reports that both he and former First Lady Melania Trump have launched their own cryptocurrencies—has sparked speculation about his financial interests in crypto-related policies.

The Crypto Strategic Reserve: Unclear but Promising

The newly proposed Crypto Strategic Reserve remains largely undefined, with key details expected to be disclosed at the upcoming Crypto Summit at the White House on Friday. The reserve could potentially be funded through cryptocurrencies lawfully seized by the US government, as mentioned in an earlier executive order signed by Trump.

Whether the creation of a national digital asset stockpile requires Congressional approval remains uncertain. However, this announcement underscores Trump’s commitment to integrating cryptocurrency into the national financial framework, in contrast to former President Joe Biden’s administration, which took a strict regulatory approach toward digital assets due to concerns over fraud and money laundering.

With crypto markets responding positively, all eyes are now on the upcoming summit, where further details about the reserve and its implications for US crypto policy are expected to be unveiled.

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