Trump Announces Crypto Reserve; Bitcoin, XRP, and Altcoin Prices Pump

The crypto market is on fire right now. It's up more than 11% with the total market worth hitting $3.12 trillion. This happened after President Trump

President Trump has announced that the U.S. will be creating a "Crypto Strategic Reserve," starting with XRP, Solana, and Cardano, in an effort to make the country the "Crypto Capital of the World."

The announcement, which was made on X, comes in response to what Trump calls "corrupt attacks by the Biden Administration on digital assets."

"Obviously, Bitcoin will be included in the strategic reserve. I also love Bitcoin!" Trump added in a follow-up post.

The post has already garnered massive attention, with traders and analysts discussing the implications of a government-backed crypto reserve.

It will be a President Trump initiative to make the U.S. the “Crypto Capital of the World,” starting with a strategic reserve of major cryptocurrencies, sources close to the former president confirm to the New York Post. The plan will begin with XRP, Solana, and Cardano.

"President Trump is launching this initiative in response to the corrupt attacks by the Biden Administration on digital assets," a source familiar with the matter told the outlet. "He is launching it to make the U.S. the Crypto Center of the World."

The post quickly went viral, generating a buzz among traders and analysts. Many reacted with excitement, while others had questions about the technicalities and long-term implications.

As the news unfolded, major cryptocurrencies experienced significant price surges. Cardano's price rose nearly 65% to $1.04, while XRP soared about 34% to reach $2.88. Other altcoins also witnessed substantial price increases.

Experts attribute this surge to large institutional buying and traders' anticipation of favorable crypto policies from the Trump administration.

Bitcoin and Ethereum also joined the party, with the former surging about 10.82% and the latter climbing 13.17%. This broad-based rise in the crypto market showcases the positive investor sentiment and the potential for a broad-based market recovery.

Trump's announcement and the subsequent market reaction have generated significant discussion in the crypto community. Analysts are speculating on the modalities of the reserve and its broader economic and political implications.

The news comes as the Biden administration faces pressure from bipartisan lawmakers to create clear crypto regulations. Many believe that the Trump administration might introduce more favorable policies for digital currencies.

Stay tuned for more updates as this story develops.