The cryptocurrency market responded sharply to Donald Trump’s recent announcement, in which he named five digital assets that he believes should be included in a U.S. Strategic Crypto Reserve. The list includes Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Following the announcement, the prices of these cryptocurrencies skyrocketed.

Trump’s Crypto Policy Shift

During his presidential campaign, Trump actively courted the crypto community, marking a stark contrast to his predecessor, Joe Biden, who had imposed strict regulations on the industry due to concerns over fraud and money laundering.

Trump’s latest statement signals a shift in crypto policy. In a social media post on Sunday, he announced that he had signed an order directing the establishment of a U.S. Strategic Crypto Reserve, initially including XRP, SOL, and ADA. An hour later, he added that Bitcoin and Ethereum would also play a key role in the reserve.

Market Reaction

Following the announcement, cryptocurrencies saw a significant surge:

• XRP, Solana, and Cardano spiked by 62% within hours of the post.
• Bitcoin and Ethereum gained more than 10%.

This rally marked a much-anticipated market rebound, as crypto prices had been declining since Trump’s election victory.

Uncertainty Surrounding the Crypto Reserve

It remains unclear how the national digital asset reserve will operate and whether its creation will require congressional approval. Trump is expected to reveal more details at the first Crypto Summit at the White House on Friday.

Notably, just a few years ago, Trump called Bitcoin a “scam.” However, in recent weeks, both he and his wife Melania have launched their own cryptocurrency projects, raising suspicions that they may be seeking to profit from new government policies.

One thing is certain: the cryptocurrency market continues to be at the center of global finance and politics, with major policy announcements capable of driving massive price movements.