Washington: US President Donald Trump announced the names of five major digital currencies for the new crypto strategic reserve, after which the crypto market saw a huge boom.
Trump announced on social media that under his January executive order, the US crypto reserve will include Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA). After this announcement, the prices of these currencies increased by 8 to 62 percent.
Trump said: “This crypto strategic reserve will help America become a crypto capital. XRP, SOL and ADA will be included in it, while BTC and ETH will also be an integral part of it.”
The move is being seen as a major win for the crypto industry, as the Trump administration has stepped up its efforts to promote cryptocurrency, which was severely restricted by the previous Biden administration.
Following the announcement, the crypto market has seen a significant uptick, with Bitcoin (BTC) up 8% to $90,828, while Ethereum (ETH) gained 8.3% to $2,409.
The Trump administration is also holding a “White House Crypto Summit,” which will feature big names in the crypto industry. Additionally, the US government has also begun considering managing crypto reserves through an “Exchange Stabilization Fund.”
It is unclear how the reserve will work, but experts say the government could include cryptocurrencies seized by law enforcement.
