Bitcoin and the wider cryptocurrency market are experiencing a significant surge following the announcement by former President Donald Trump that the US will establish a “crypto strategic reserve.” Trump made this declaration on his social media platform, Truth Social, where he outlined that the reserve would include popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA).
This confirmation from Trump has had a profound impact on the global crypto market, with a staggering $100 billion increase in market value. XRP saw a remarkable 37% surge, while SOL and ADA experienced gains of 24% and over 70%, respectively. Bitcoin and Ethereum also saw an increase of 10% and 13%, highlighting the positive response to Trump’s announcement.
In his statement, Trump framed the establishment of the reserve as a response to what he described as “corrupt attacks” on the crypto industry by the current Biden administration. He emphasized his vision of positioning the United States as the “crypto capital of the world,” signaling a shift towards embracing and supporting the digital asset space.
While the specifics of how the reserve will be created have not been disclosed by Trump, he previously set up a Presidential Working Group through an executive order in January. This group was tasked with exploring the potential creation of a national digital asset stockpile, with a timeline of 30 days to identify regulations, 60 days for recommendations, and 180 days for a comprehensive report.
As the crypto market continues to react positively to Trump’s announcement, it will be interesting to see how this strategic reserve unfolds and the implications it may have on the broader cryptocurrency landscape. Stay tuned for further developments and subscribe to receive email alerts for the latest updates in the crypto world.
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