Following President Donald Trump’s announcement on Sunday that lesser-known tokens Solana, XRP, and Cardano would be part of a possible US strategic reserve of digital assets, cryptocurrency prices surged.
We are MAKING AMERICA GREAT AGAIN! Trump revealed the information on his Truth social media account, saying, “I will make sure the US is the Crypto Capital of the World.”
After weeks of selling pressure as cryptocurrencies were hit in a market shake-out of riskier assets, his remarks helped prices throughout the industry.
Additionally, traders expressed annoyance that the Trump administration has not acted more quickly to implement some of the reforms he pledged during the campaign.
The token Solana, which stands for the blockchain that houses the majority of memecoins, including Trump’s own coin, increased 19% to $169.71.
The value of Ada, the token for the Cardano blockchain, increased by 50% to slightly more than $1. The cryptocurrency linked to the payments company Ripple, XRP, increased 31% to $2.83.
The price of Bitcoin increased by 5.5% to surpass $88,900.
When Trump signed an executive order encouraging the creation and use of digital assets and blockchain technology and promised to create a national bitcoin reserve, investors praised his actions in the early days after his inauguration. The top securities regulator under former President Joe Biden referred to the industry as the “Wild West,” which is “rife with fraud, scams, and abuse.” His administration has swiftly taken steps to stop enforcement actions against the industry.
Last month, cryptocurrency exchange Coinbase announced that the SEC had decided to drop its historic case against the company, which it claimed had failed to register as a clearing agency, broker, or national securities exchange.
Executives at other organizations, such as cryptocurrency exchanges OpenSea and Gemini, have also reported that securities regulators have withdrawn their inquiries into their companies.
