Bitcoin, the largest cryptocurrency by market capitalization, surged by 11.8% following the announcement by former U.S. President Donald Trump about five cryptocurrencies being included in the new strategic reserve.
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Less than an hour after Trump's announcement, Bitcoin's value reached $94,125, and it is expected to continue rising alongside the other cryptocurrencies covered by the decision.
Trump shared on social media that the executive order he issued in January regarding digital assets aims to establish a stockpile of cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Cardano. These names were previously undisclosed.
These cryptocurrencies experienced price increases ranging from 8% to 62% during Sunday’s trading.
Trump explained that the executive order had directed "a presidential working group to continue developing the strategic reserve for cryptocurrencies, including Ripple, Solana, and Cardano."
He added: "I will work to make the United States the cryptocurrency capital of the world."
Over an hour after the announcement, Trump confirmed in another post that "Bitcoin and Ethereum will undoubtedly be at the heart of the reserve, along with other valuable digital currencies."
It is worth noting that Trump received widespread support from the cryptocurrency industry during his 2024 election campaign and quickly began advocating for policies that serve the interests of the industry.
In contrast, the administration of former President Joe Biden had imposed strict regulations on cryptocurrencies in an attempt to protect American citizens from fraud and money laundering.
However, cryptocurrency markets have recently experienced a sharp decline in value, with major digital currencies losing all the gains they made after Trump’s election victory.
