In a significant announcement, US President Donald Trump revealed plans to create a Crypto Strategic Reserve that would include Bitcoin, Ethereum, XRP, Solana, and Cardano. This news led to a surge in these cryptocurrencies' prices, showcasing Trump's renewed embrace of the crypto industry after previously dismissing Bitcoin. His administration aims to position the US as a leader in the crypto space, following a drop in regulatory actions since Biden's presidency. However, details on the reserve's implementation remain vague, leaving some crypto enthusiasts concerned.
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Cardano jumped more than 70 percent following Trump's announcement, while XRP and Solana rose more than 35 percent and 20 percent respectively.
The Securities and Exchange Commission announced last week that it had dropped civil charges brought against Coinbase, the largest crypto firm in the US.
It remains unclear how Trump's proposed reserve would work in practice.
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