By Trevor Hunnicutt
West Palm Beach, Florida (Reuters) -US, the president, Donald Trump, on social networks, announced the names of five digital assets which he plans to include in a new American strategic reserve of cryptocurrencies on Sunday, strengthening everyone’s market value.
Trump declared in an article on Truth Social that his January executive decree on digital assets would create a stock of currencies, including Bitcoin, Ether, XRP, Solana and Cardano. The names had not been announced before.
More than an hour later, Trump added: “And, obviously, the BTC and the ETH, like other precious cryptocurrencies, will be at the heart of the reserve.”
Bitcoin, the largest cryptocurrency in the world per market value, increased by more than 11% to $ 94,164 on Sunday afternoon. Ether, the second largest cryptocurrency, increased by around 13% to $ 2,516.
The total cryptocurrency market increased by around 10%, or more than $ 300 billion, in the hours that followed Trump’s announcement, according to Coingecko, a cryptocurrency data and analysis company.
XRP is the cryptocurrency company Ripple Labs’ Token. Ripple supported a so-called Super Pac to influence the elections in Congress in November in favor of the cryptographic industry, Reuters reported.
“This decision indicates an evolution towards an active participation in the economy of cryptography by the United States government,” said Federico Brokate, head of the US affairs of 21Shares, an investment management company for digital assets. “It has the potential to accelerate institutional adoption, provide greater regulatory clarity and strengthen the leadership of the United States in the innovation of digital assets.”
James Butterfill, head of research at the Coinshares active director, said he was surprised to see digital assets other than Bitcoin included in the reserve.
“Unlike Bitcoin … These assets are more like technological investments,” said Butterfill. “The announcement suggests a more patriotic position towards the wider crypto technological space, with little consideration for the fundamental qualities of these assets.”
Trump obtained support from the cryptography industry in his electoral candidacy in 2024, and he quickly evolved to support their political priorities. He organized the first summit of white house cryptography on Friday, and his family also launched his own rooms.
Under his Democratic predecessor, Joe Biden, the regulators repressed the industry in order to protect the Americans against fraud and money laundering.
Under Trump, the Securities and Exchange Commission withdrew surveys into several crypto companies and abandoned legal action for Coinbase, the greatest exchange of crypto in the United States
