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Cryptocurrency prices jumped on Sunday after President Donald Trump said a potential US strategic reserve of digital assets will include lesser-traded tokens Solana, XRP and Cardano.
Trump made the disclosure on his Truth Social media account, adding: “I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
His comments gave prices across the industry a lift after weeks of selling pressure, as cryptocurrencies were hit in a market shake-out of riskier assets.
Traders have also cited their frustration that the Trump administration has not moved faster to enact some of the reforms he promised on the campaign trail.
Solana, the token that represents the blockchain that hosts most memecoins — including Trump’s own coin — climbed 19 per cent to $169.71.
Ada, which represents the Cardano blockchain, soared 50 per cent to just over $1 per token. XRP, the coin affiliated to payments group Ripple, rose 31 per cent to reach $2.83.
Bitcoin rose 5.5 per cent to more than $88,900 per coin.
In the first days after his inauguration, Trump signed an executive order supporting the growth and use of digital assets and blockchain technology and vowed to create a national stockpile of bitcoin — moves that investors celebrated.
His administration has moved quickly to halt enforcement actions against the industry, which the top securities regulator under former president Joe Biden had described as the “Wild West . . . rife with fraud, scams and abuse”.
Coinbase, a crypto exchange, said last month that the SEC had agreed to drop its landmark case against the company, which it had accused of failing to register as a national securities exchange, broker or clearing agency.
Executives at other groups, including crypto exchanges Gemini and OpenSea, have also indicated that securities regulators have dropped investigations into their businesses.
