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The global crypto market has reignited with bullish sentiment among traders and investors around the world. Bitcoin Solana Trump’s support for the creation of a strategic crypto reserve that includes XRP, SOL, and Cardano
The global crypto market capitalization rose more than 8% in the last 24 hours to $3 trillion.
The total market volume also increased by 141% to $185.95 billion. Among the cryptocurrencies, Bitcoin (BTC) experienced a slight decrease of 0.37%, bringing its price to $92,759.
The coin reached a low of $85,040.21 and a high of $95,043.44 for the day.
The second largest cryptocurrency, Ethereum (ETH), saw a surge of more than 10% in the last 24 hours, reaching $2,446.
The lowest and highest prices for Ethereum (ETH) were $2,175.32 and $2,548.81.
The next cryptocurrency on the list is Ripple (XRP), which saw the biggest gain of over 24%, bringing the price to $2.79.
The daily low and high were $2.23 and $2.97.
Next up is Solana (SOL), whose price increased by 18% in the last 24 hours to reach $170.
Solana (SOL)’s lowest and highest prices were $140.30 and $178.63.
The crypto market has seen a surge in bullish sentiment among traders and investors worldwide.
After U.S. President Donald Trump expressed support for the creation of a strategic crypto reserve that includes XRP, SOL, and Cardano (ADA), traders are anticipating further gains.
In a statement on Friday, Trump said it would be “a good thing” for the U.S. to have a crypto reserve, similar to the strategic oil, copper, and other critical minerals reserves.
“Maybe they should have a crypto reserve with XRP, Solana, and Cardano, among others,” Trump added.
The former president’s support for crypto comes as no surprise, given his previous statements on Bitcoin (BTC) and other cryptocurrencies.
During his 2024 presidential campaign, Trump has been vocal about his support for crypto and his belief that the U.S. should be a leader in the industry.
In April, Trump’s campaign began accepting Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies for contributions.
The move made his campaign the first to accept crypto donations.
“We are pleased to announce that the Trump campaign will be accepting Bitcoin, Ethereum, Litecoin, and Trump Pay for contributions to the campaign,” said Trump campaign spokesperson Steven Cheung in a statement.
“This will allow more people to contribute and support President Trump’s re-election bid.”
The Trump campaign also announced that it will be using the cryptocurrency exchange platform BitPay to process crypto donations.
“We are excited to partner with BitPay to accept cryptocurrency donations,” said Trump campaign treasurer David Huffman.
“This will make it easier than ever for people to contribute to the campaign.”
Several government officials have spoken about the possibility of the U.S. creating a crypto reserve.
Earlier this year, a bipartisan group of U.S. lawmakers introduced a bill that would require the government to develop a national strategy for crypto assets.
The bill, which was introduced by Rep. Tom Emmer (R-Minn.) and Rep. Josh Gottheiner (D-N.Y., members of the House Financial Services Committee, would also require the administration to create a strategic crypto reserve.
The bill is still pending in Congress.
However, Trump’s statement provides further support for the possibility of a crypto reserve being created.
The U.S. government has been investing in copper and oil for decades to ensure the country has enough of these critical minerals in times of need.
A strategic crypto reserve would be similar, with the government investing in cryptocurrencies to ensure the U.S. has enough in times of crisis.
This could be anything from a natural disaster to a global pandemic.
The creation of a crypto reserve would be a significant development for the cryptocurrency industry.
It would provide further legitimacy to cryptocurrencies in the eyes of the U.S. government and investors.
A crypto reserve could also help to stabilize the cryptocurrency market, which is known for its volatility.
Overall, President Trump’s support for a crypto reserve is good news for crypto investors.
It increases the chances of such a reserve being created, which would be a major milestone for the cryptocurrency industry.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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