Economy Update – Follow-Up
Bitcoin has surged by more than 5%, regaining momentum to reach a valuation of $90,000. This uptick in cryptocurrency values follows a recent statement made by former U.S. President Donald Trump on his Truth Social platform, where he endorsed the formation of a U.S. strategic reserve for cryptocurrencies.
In his post, Trump asserted, “The American cryptocurrency reserve will elevate the status of this industry after years of challenges posed by the Biden administration.” He emphasized that the initiative, led by a presidential working group, aims to create a strategic reserve that will encompass cryptocurrencies such as XRP, Solana, and Cardano, all of which experienced price increases of over 20%.
Ethereum, the second-largest cryptocurrency by market capitalization, recorded an increase of 11.23%, reaching a price of $2,471.34. Simultaneously, Solana saw a remarkable rise of approximately 24.08%, with its price climbing to $173.28.
This initiative aligns with Executive Order 14178, which mandates the presidential working group to construct a national framework for digital currencies.
In related news, the White House has announced that Trump will host the inaugural cryptocurrency summit next Friday. This summit underscores his continued commitment to the cryptocurrency sector, a focus he maintained during his election campaign.
At the summit, Trump is expected to address key stakeholders, including notable founders, executives, and investors in the cryptocurrency arena, as well as members of the Trump working group on digital assets.
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