Prices of cryptocurrency have risen sharply in less than 24 hours after United States President Donald Trump announced plans to create a digital currency reserve to support the industry.
Trump named five cryptocurrencies for his proposed reserve of digital assets, sending prices of the tokens soaring.
Bitcoin, Ethereum, XRP, Solana, and Cardano will be included in a “Crypto Strategic Reserve”, Trump said on his Truth Social platform on Sunday.
“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” the US president said.
Trump, who in January signed an executive order to examine the creation of a “strategic national digital assets stockpile”, said the move would “elevate” the industry after years of “corrupt attacks” by the administration of former US President Joe Biden.
“I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump said on his social media platform.
In a follow-up post, he added, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!”
According to CoinMarketCap, after the announcement, Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, rose by 7.5 percent from $85,155 on Sunday to $91.611 as at 9:30 am on Monday.
Ethereum, the second-largest cryptocurrency, climbed by 5.7 percent to $2,364, up from $2,236.
Cardano jumped more than 70 percent following Trump’s announcement, while XRP and Solana rose more than 30 percent and 20 percent, respectively.
