Trump is the names of cryptocurrencies in the strategic reserve, and sends prices up

Written by Trevor Hunkot

West Palm Beach, Florida (Reuters) -President Donald Trump announced social media about the names of five digital assets expected to be included in a new strategic reserve in encrypted currencies on Sunday, raising the market value of each.

Trump said in a post on the social truth that his executive in January on digital assets will create a stock of currencies including bitcoin, ether, XRP, Solana and Cardano. The names have not been announced before.

After more than an hour, Trump added: “It is clear that BTC and ETH, like other cryptocurrencies, will be at the heart of the reserve.”

Bitcoin, the world’s largest encrypted currency at the market value, increased by more than 11 % to 94,164 dollars on Sunday afternoon. The ether, the second largest encrypted currency, increased by 13 % at $ 2,516.

The total cryptocurrency market increased by about 10 %, or more than 300 billion dollars, in the hours that have passed since Trump’s announcement, according to Coingecko, a company for data and analysis of encrypted currency.

XRP is the distinctive symbol of Ripple Labs Cryptocurrency. Ripple has supported the so -called Super Pac to influence Congress elections in November in favor of the encryption industry, Reuters said.

“This step indicates a shift towards active participation in the encryption economy by the US government,” said Federico Brooks, head of the US Business Administration in 21shares, a digital investment management company. “It has the ability to accelerate institutional adoption, provide greater regulatory clarity, and enhance US leadership in creating digital assets.”

James Bouteville, head of research at Coinshares Director, said he was surprised to see digital assets other than bitcoin listed in the reserve.

“Unlike Bitcoin … these assets are closer to technical investments,” Bouteville said. “The advertisement refers to a more national position towards the area of ​​broader encryption technology, with little interest in the basic qualities of these assets.”

Trump received support from the encryption industry in the election attempt for 2024, and soon moved to support the priorities of their policy. He hosts the first White House encryption summit on Friday, and his family launched their own coins.

Under his democratic predecessor, Joe Biden, the organizers coordinated the industry in an attempt to protect Americans from fraud and money laundering.

During the Trump era, the Securities and Stock Exchange Committee withdrew investigations into many encryption companies and brought down a lawsuit against Coinbase, the biggest encryption exchange in the United States

But in recent weeks, the prices of the cryptocurrency have decreased sharply, as some of the largest digital currencies that converted all the gains that were made after Trump’s victory in the Trump elections have caused a wave of excitement throughout the industry.

Analysts say the market needs a higher reason, such as signs that the American Federal Reserve is planning to reduce interest rates or a clear regulatory framework for profit from the Trump administration.

Reuters reported that Jeff Kendrick, an analyst at Standard Charterd, targeted Bitcoin to $ 500,000, for a record level of $ 109.071, before Trump left his office.

Regulatory deposits in the United States showed that while hedge funds remain, buyers who dominate encryption, banks and sovereign wealth boxes are also buying.

The quarterly deposits showed that asset managers have strengthened the allocations for investment funds circulating in the United States linked to the instant bitcoin price in the fourth quarter of 2024.

Analysts and legal experts are divided into whether the Congress law will be necessary for the preparation of the reserve. Some have argued that the reserve can be created through the US Treasury Stability Fund, which can be used to buy or sell foreign currencies.

Trump’s encryption group has planned to consider the construction of inventory through encrypted currencies in law enforcement procedures.

(Participated in the coverage of Trevor Hunkot in West Palm Beach, Florida; Catherine Jackson in Washington and Jessica Dinaboli in New York; edited by Bill Bircrot and Lza Shomker)