Bitcoin has surged in price after US President Donald Trump announced plans for a "Crypto Strategic Reserve" that will include five specific digital assets.
The reserve will feature Bitcoin, Ethereum, XRP, Solana, and Cardano, according to Trump's posts on his Truth Social platform.
The 78-year-old vowed to make the US the "Crypto Capital of the World" as part of his administration's push to embrace digital currencies.
The announcement triggered a dramatic market rally, with the named cryptocurrencies seeing gains between eight per cent and 62 per cent in Sunday trading.
Trump's move represents a significant shift from the regulatory approach of his predecessor, Joe Biden.
Bitcoin, the largest cryptocurrency by market value, jumped dramatically after Trump's announcement, climbing from around $86,000 (£68,020) to $95,000 (£75,160).
Ethereum rose approximately 11.6 per cent to about $2,476 (£1,958.34).
XRP also surged 11.6 per cent to $2.76 (£2.18), while Solana experienced the most significant gain at roughly 20 per cent, reaching $168.45 (£133.26).
Cardano (ADA) increased by about 11.6 per cent to $0.66 (£0.52).
LATEST DEVELOPMENTS:
Trump revealed his plans in a post on Truth Social, stating: "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."
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!"
The announcement follows Trump's January executive order to evaluate "the potential creation and maintenance of a national digital asset stockpile".
Trump did not specify how much would be invested in each digital asset.
Trump has been vocal about his support for cryptocurrencies since his campaign. In December, he confirmed plans to establish a US Bitcoin strategic reserve.
"We're gonna do something great with crypto because we don't want China, or anybody else... but others are embracing it, and we want to be ahead," Trump told CNBC.
During an appearance at the Bitcoin 2024 conference in July, Trump promised to create a "strategic national Bitcoin reserve" and predicted Bitcoin could eclipse gold's $16trillion market capitalisation.
The Trump family has also expanded into cryptocurrency ventures, with Trump's sons leading World Liberty Financial, a crypto platform expected to facilitate yield earning through stablecoin.
Trump is hosting the first White House Crypto Summit on Friday, bringing together industry leaders to discuss the future of digital assets in America.
The President has appointed David Sacks as the White House czar on cryptocurrency and artificial intelligence to oversee these initiatives.
Trump's family has also launched their own cryptocurrencies, with Trump's eponymous memecoin seeing an 18.5 per cent jump to $15.39 (£12.18) following his announcement.
The Trump-backed social media company, Trump Media and Technology Group, which runs Truth Social, has recently announced plans to expand into crypto and finance.
The company has taken steps toward launching a Bitcoin exchange-traded fund, potentially competing with Wall Street giants like BlackRock and Fidelity.
Analysts suggest the market needed a catalyst after recent price drops, with cryptocurrency values having erased nearly all gains made after Trump's election victory.
The announcement provided the necessary momentum to drive prices higher.
Trump's crypto group had reportedly considered creating the stockpile with cryptocurrencies seized in law enforcement actions.
One trader reportedly made a $7million profit in 24 hours using leveraged positions ahead of Trump's announcement.
Find Out More...
The reserve will feature Bitcoin, Ethereum, XRP, Solana, and Cardano, according to Trump's posts on his Truth Social platform.
The 78-year-old vowed to make the US the "Crypto Capital of the World" as part of his administration's push to embrace digital currencies.
The announcement triggered a dramatic market rally, with the named cryptocurrencies seeing gains between eight per cent and 62 per cent in Sunday trading.
Trump's move represents a significant shift from the regulatory approach of his predecessor, Joe Biden.
Bitcoin, the largest cryptocurrency by market value, jumped dramatically after Trump's announcement, climbing from around $86,000 (£68,020) to $95,000 (£75,160).
Ethereum rose approximately 11.6 per cent to about $2,476 (£1,958.34).
XRP also surged 11.6 per cent to $2.76 (£2.18), while Solana experienced the most significant gain at roughly 20 per cent, reaching $168.45 (£133.26).
Cardano (ADA) increased by about 11.6 per cent to $0.66 (£0.52).
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Trump revealed his plans in a post on Truth Social, stating: "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."
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!"
The announcement follows Trump's January executive order to evaluate "the potential creation and maintenance of a national digital asset stockpile".
Trump did not specify how much would be invested in each digital asset.
Trump has been vocal about his support for cryptocurrencies since his campaign. In December, he confirmed plans to establish a US Bitcoin strategic reserve.
"We're gonna do something great with crypto because we don't want China, or anybody else... but others are embracing it, and we want to be ahead," Trump told CNBC.
During an appearance at the Bitcoin 2024 conference in July, Trump promised to create a "strategic national Bitcoin reserve" and predicted Bitcoin could eclipse gold's $16trillion market capitalisation.
The Trump family has also expanded into cryptocurrency ventures, with Trump's sons leading World Liberty Financial, a crypto platform expected to facilitate yield earning through stablecoin.
Trump is hosting the first White House Crypto Summit on Friday, bringing together industry leaders to discuss the future of digital assets in America.
The President has appointed David Sacks as the White House czar on cryptocurrency and artificial intelligence to oversee these initiatives.
Trump's family has also launched their own cryptocurrencies, with Trump's eponymous memecoin seeing an 18.5 per cent jump to $15.39 (£12.18) following his announcement.
The Trump-backed social media company, Trump Media and Technology Group, which runs Truth Social, has recently announced plans to expand into crypto and finance.
The company has taken steps toward launching a Bitcoin exchange-traded fund, potentially competing with Wall Street giants like BlackRock and Fidelity.
Analysts suggest the market needed a catalyst after recent price drops, with cryptocurrency values having erased nearly all gains made after Trump's election victory.
The announcement provided the necessary momentum to drive prices higher.
Trump's crypto group had reportedly considered creating the stockpile with cryptocurrencies seized in law enforcement actions.
One trader reportedly made a $7million profit in 24 hours using leveraged positions ahead of Trump's announcement.
Find Out More...