Economy News – Follow-up
On Sunday, U.S. President Donald Trump formally introduced five cryptocurrencies that are slated to be included in a new strategic reserve, a move anticipated to significantly enhance their market value.
Through a social media announcement, Trump indicated that his executive order issued in January regarding digital assets has been designed to establish a stockpile of cryptocurrencies. The digital currencies identified include Bitcoin, Ether, XRP, Solana, and Cardano, which had yet to be publicly acknowledged in this context.
In response to the announcement, trading values of these cryptocurrencies surged by 8% to 62%. Trump clarified that his executive order serves as guidance for a presidential working group tasked with creating the strategic reserve of cryptocurrencies, emphasizing the inclusion of Ribel, Solana, and Cardano.
He further asserted, “I will work to make the United States the capital of cryptocurrencies in the world.”
Shortly after the initial announcement, Trump reaffirmed that “Bitcoin and Ether will undoubtedly be at the heart of the reserve, alongside other valuable digital currencies.”
Following this declaration, Bitcoin, the largest cryptocurrency by market capitalization, saw an increase of 8%, reaching $90,828, while Ether, the second-largest digital currency, rose by 8.3% to $2,409.
It is noteworthy that Trump received considerable backing from the cryptocurrency sector during his campaign for the 2024 election, and has subsequently pursued policies that favor this industry.
In contrast, the Biden administration has implemented stringent regulations on cryptocurrencies, aiming to shield American citizens from potential fraud and money laundering activities.
Nonetheless, the cryptocurrency market has recently experienced a significant downturn, with major digital currencies reversing gains made following Trump’s electoral victory.
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