Bitcoin surged more than 20% from last week’s lows on Monday and several other cryptocurrencies also rallied sharply after US President Donald Trump raised the possibility of a new U.S. strategic reserve that would include a range of tokens.
Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies, including bitcoin , ether, XRP, solana and cardano. The names had not previously been announced.
Bitcoin and ether will be at the heart of this reserve, he posted on Sunday.
The post sent the world’s largest cryptocurrency up by a fifth from the November lows it was trading at on Friday, helping flip sentiment on a token that has been sliding since mid-January on disappointment Trump had not followed through on pledges to loosen regulation.
It was last at around $91,605, up from Friday’s low of$78,273.
Ether was also up 20% from Friday’s lows to $2,351, a 7% drop from Sunday’s closing levels.
XRP and solana were up around 30% from Friday’s lowest levels, while cardano was up 60% from last week’s lows.
“Trump just gave the pump that crypto traders have been holding out for,” said Matt Simpson, senior market analyst at City Index.
“Any faith that was lost last week appears to have been restored,” and new highs could be made unless there was another wave of risk-off selling, he said.
Trump names Bitcoin, other cryptocurrencies for national reserve
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