Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including bitcoin, ether, XRP, solana and cardano. The names had not previously been announced.
sent the world's largest cryptocurrency up by more than 20% from the November lows it was trading at on Friday, helping flip sentiment on a token that has been sliding since mid-January on disappointment Trump has not followed through on pledges to loosen regulation.
Ether has risen by a fifth over the weekend and was last at $2,482, XRP was up 38%, solana 20% and cardano was up 78%.
It is possible the rally will extend into the first White House Crypto Summit Trump is hosting on Friday, with the risk that the bearishness in other markets could weigh on sentiment, he said.
Bitcoin fell more than 17% in February, clocking its biggest monthly percentage fall since June 2022 and losing more than a third of its price since topping $105,000 in early January.
But beyond a flurry of appointments of crypto-friendly officials when Trump took office, there has been little concrete news so far around that policy for investors.
The funding for cryptocurrency purchases in the reserve could either come from U.S. taxpayers or the cryptocurrencies in the asset will be those seized in law enforcement actions, he said.
“The latter isn’t anywhere near as bullish as it simply represents a transfer between accounts rather than new buying entering the market.”
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