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Cryptocurrency prices jumped on Sunday after President Donald Trump said US strategic preparations for digital assets include Bitcoin and fewer tokens.
Trump, who put the crypto industry on trial, said strategic preparations would “enhance this important industry after years of corrupt attacks by the Biden administration.”
On his first day in office, Trump signed an executive order supporting digital assets and blockchain technology, vowing to create a nationwide stockpile of cryptocurrency.
On Sunday, Trump said Bitcoin and Ethereum will become “the centre of the reserve,” adding that it will also include Solana, XRP and Cardano.
“I confirm that the United States is the world’s crypto capital,” he wrote in the Social Explanation of Truth. “We’re making America great again!”
His comments raised industry-wide prices after weeks of sales pressure as cryptocurrencies were hit by market shaking for riskier assets.
Bitcoin rose 10% to $94,118, while Ethereum rose 12% to $2,501, according to Coindesk. Solana is a token representing the blockchain that hosts most Memecoin, including Trump’s own coins, up 24% to $174.64.
The ADA, representing Cardano’s blockchain, has surged 60% per token to $1.04. XRP is a coin belonging to the payment group Ripple, up 32% to $2.87.
“It was an extraordinary day for a currency like Cardano. OskarÅslund, Chief Strategy Officer at AKJ, a European crypto hedge fund broker, said:
He said digital prices have been steadily falling since taking office, and are at odds with claims that Trump is a pro-cryptic president.
“It’s not going the way he probably expected. The timing is pretty good for him.”
Traders cited complaints that the Trump administration has not moved fast to enact some of the reforms it has promised on the campaign trail.
His administration is quick to quickly suspend enforcement measures against the industry, which top securities regulators under former President Joe Biden described as “Wild West.” . . It’s full of fraud, fraud and abuse.”
Crypto Exchange’s Coinbase said last month that the SEC agreed to remove a groundbreaking lawsuit against the company.
Executives of other groups including crypto exchanges Gemini and openseaalso indicates that securities regulators have stopped investigating their businesses.
The White House will host its first cryptocurrency summit this month, with traders closely monitoring any indications from the president’s working group that they are approaching launching crypto stockpiles. This kind of reserve is defended by crypto traders who believe that something similar to Fort Knox for money buying and holding Bitcoin provides legitimacy to the asset class.
Trump courted the crypto industry while on the campaign trail and headlined the Bitcoin Conference in Nashville last July.
Speaking last month, Trump He said he ended “Joe Biden’s war with Bitcoin and Cryptocurrency.” We have completely ended that war. “He added that his campaign won “all vote.”
