Cryptocurrency prices have risen sharply in less than 24 hours after the United States President Donald Trump announced plans to create a digital currency reserve to support the industry.
Trump had said a presidential working group has been directed to move forward on a crypto strategic reserve that includes Bitcoin, Ethereum, Solana and more cryptocurrencies.
“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” the US president said.
“I will make sure the US is the Crypto Capital of the World.”
Advertisement
In a follow-up post, he added, “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!”
According to CoinMarketCap, after the announcement, Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, rose by 7.5 percent from $85,155 on Sunday to $91.611 as at 9:30 am (GMT+1) on Monday.
Ethereum, the second-largest cryptocurrency, climbed by 5.7 percent to $2,364 — up from $2,236.
Advertisement
Other coins’ prices such as XRP surged 8.6 percent, Solana (14 percent), and Cardano’s coin soared more than 50 percent.
The total cryptocurrency market, currently at $3 trillion, rose about 7.23 percent or more than $187 billion since the announcement, according to CoinMarketCap.
In January, Bitcoin and other digital currencies surged hours before president-elect Donald Trump’s inauguration.
However, Bitcoin, which had traded as high as $109,000, dropped to as low as $84,000 in February — more than 20 percent below the record high.
Advertisement
Add a comment
