Cryptography prices recover after Trump supports the ‘crypto reserve’

The president of the United States, Donald Trump, has revealed the names of five cryptocurrencies that says he would like to be included in a new strategic reserve to make the United States “the world cryptography capital.”

The market prices of the five coins that he called: Bitcoin, Ethereum, XRP, Solana and Cardano, all jumped quickly after the announcement.

During the Trump presidential campaign, the cryptographic community aggressively courted. The previous president of the United States, Joe Biden, had supervised an offensive against cryptography due to concerns about fraud and money laundering.

It is not clear how the new reservation will work. More information is expected on Friday, when Trump plans to organize the first cryptographic summit in the White House.

In a publication on social networks on Sunday, Trump said he had signed an order that “ordered the presidential work group to advance in a cryptographic strategic reserve that includes XRP, Sol and Ada.”

Approximately one hour later he added in another publication: “And, obviously, BTC and ETH, like other valuable cryptocurrencies, will be in the heart of the reserve.”

The first three currencies he appointed rose to 62% on Sunday.

Bitcoin and Ethereum also rose in more than 10% each.

Publications marked a new ascending turn for cryptography prices, which had declined sharply since it increased after their choice.

Shortly after taking office in January, Trump signed an executive to create a presidential working group responsible for proposing new laws and cryptography regulations.

The order asked the group to “evaluate the creation and potential maintenance of national digital asset storage” that could use “cryptocurrencies legally seized by the federal government through their efforts to apply the law.”

It is not clear if creating a new national strategic reserve would require an act of Congress.

Trump had previously been a cryptographic critic and told Fox News in 2021 that Bitcoin is a “scam.”

But in recent weeks Both he and his wife Melania Trump have launched their own cryptocurrencieswhich leads to accusations that they are trying to benefit from their White House policies.