U.S. President Donald J. Trump announced through his official social media account that he will promote related policies to establish a strategic reserve for cryptocurrencies in the United States. Trump stated that this policy will encompass various cryptocurrencies, including XRP, Solana, and Cardano. An hour later, he also mentioned that Bitcoin and Ethereum are among his favorites, and with the shout of investment advisors, the overall market quickly warmed up.
Trump aims to make the United States the global capital of cryptocurrency and to make America great again.
In his statement, Trump criticized the Biden administration’s “corrupt attacks” on the cryptocurrency industry over the past few years and stated that this new policy will enhance the industry’s status. He said, “After years of corrupt attacks from the Biden administration, the U.S. cryptocurrency reserve will elevate this critical industry. That is why my executive order regarding digital assets directs the President’s task force to advance a strategic reserve for cryptocurrencies, including XRP, SOL, and ADA. I will ensure that America becomes the world’s crypto capital. We are making America great again!”
An hour later, he added, “Clearly, BTC and ETH, along with other valuable cryptocurrencies, will be at the core of the reserve. I also like Bitcoin and Ethereum!” This demonstrates his supportive attitude towards these two major cryptocurrencies. Additionally, Trump revealed that the executive order has instructed the President’s task force to accelerate the advancement of the cryptocurrency reserve plan.
Market Reaction Heats Up, Polymarket Predictive Odds Surge
Trump’s statements quickly sparked a strong market reaction. According to the latest data from the decentralized prediction market platform Polymarket, the predicted odds regarding “Will Trump create a Bitcoin reserve within the first 100 days?” surged from 11% to 22% in a short period, indicating high investor expectations and confidence in Trump’s new policy.
Significant Price Increases for Related Cryptocurrencies, Cardano Up Over 75%
The cryptocurrencies mentioned by Trump experienced notable surges. Bitcoin rapidly rose from a low of approximately $86,000 to $91,585, an increase of about 6.5%. Ethereum’s price increased from a low of around $2,150 to $2,498, marking a rise of approximately 15%. Meanwhile, Solana soared from a low of about $141 to $175, achieving an impressive increase of 24%.
XRP’s price rose from a low of about $2.2 to nearly $3, an increase of about 35%. However, the standout was Cardano, which saw its ADA price climb from a low of approximately $0.64 to $1.14, a surge of nearly 75%, making it one of the most notable cryptocurrencies in this upward trend.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and their prices can be extremely volatile. You may lose all of your principal. Please carefully assess the risks.