United States President Donald Trump has 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”, according to Trump.
“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 on Sunday.
“I will make sure the US is the Crypto Capital of the World.”
Cryptocurrency prices have experienced a significant increase within 24 hours following Trump’s announcement
According to CoinMarketCap, Bitcoin, the leading cryptocurrency by market capitalization, saw a rise of 7.5%, moving from $85,155 on Sunday to $91,611 by 9:30 am (GMT+1) on Monday. Meanwhile, Ethereum, the second-largest cryptocurrency, increased by 5.7%, climbing from $2,236 to $2,364.
Additional cryptocurrencies also saw notable gains; XRP surged by 8.6%, Solana by 14%, and Cardano increased by over 50%. Overall, the total cryptocurrency market, which stands at approximately $3 trillion, experienced a rise of about 7.23%, translating to an increase of over $187 billion.
