On Sunday (Feb. 2), US President Donald Trump announced that five cryptocurrencies will be included in a new US crypto strategic reserve, boosting their market values significantly. His executive order from January aims to create a stockpile of digital assets, specifically mentioning Bitcoin, XRP, SOL, ADA, and Ether.
Following the announcement, the values of these assets surged between 8% and 62%. Bitcoin reached about US$90,828, while Ether rose to US$2,409.
Trump's move has garnered support from the crypto industry as he positions himself for the 2024 election, contrasting with the regulatory crackdown under President Biden. However, recent weeks have seen sharp declines in cryptocurrency prices.
Establishing the reserve remains unclear, with discussions around whether congressional approval is needed. Trump's crypto group is also exploring the possibility of using seized cryptocurrencies for the stockpile.
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