Trump Lights A Fire Under Crypto

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 worlds 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 has not followed through on pledges to loosen regulation.

It was last trading around US93 057, up from Fridays 78 273. Ether is up 10 from Fridays close and was last at 2 450, XRP was up 31, solana 15 and cardano was up 69.

Its rally since Trumps November election was spurred by optimism that the crypto-friendly president would champion a strategic bitcoin fund and end the previous Joe Biden administrations crackdown on the industry.