Cryptocurrency markets experienced a notable rally on Sunday following former President Donald Trump’s announcement of a U.S. Strategic Crypto Reserve. The reserve will include major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana’s SOL token, and Cardano’s ADA.
Trump, via Truth Social, confirmed that the reserve was in line with an Executive Order on Digital Assets, directing the Presidential Working Group to proceed with the formation of this reserve. “I will make sure the U.S. is the Crypto Capital of the World,” he stated, emphasizing the importance of XRP, SOL, and ADA alongside BTC and ETH.
The news caused significant price jumps across major digital assets. Bitcoin surged by 9.1%, Ethereum rose by 14%, Solana’s token gained 22.4%, and Cardano’s ADA skyrocketed by over 65%.
The announcement comes ahead of Trump’s planned White House Crypto Summit on Friday, where further details on the reserve’s implementation are expected. Trump had initially proposed the concept of a national Bitcoin stockpile at the 2024 Bitcoin conference in Nashville, where he also garnered support from the crypto community. The momentum for a U.S. crypto reserve has grown since Trump’s re-election, driving the market to new heights.
The formation of the reserve is seen as a key step in cementing the U.S.’s position in the global crypto space, further fueled by ongoing discussions with lawmakers like Wyoming Senator Cynthia Lummis.
