Trump just named these 5 coins for his US strategic crypto reserve
Bitcoin, Ethereum, XRP, Solana and Cardano are the first coins confirmed for Trump's crypto stockpile.
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US president Donald Trump has named the first cryptocurrencies he believes would be included in the US strategic reserve, causing a rally in the cryptocurrency markets after weeks of declining prices.
In a series of posts on his Truth Social social media platform, president Trump revealed that Bitcoin, Ethereum, XRP, Solana and Cardano would likely make the cut for the digital assets stockpile first announced in his January executive order.
The announcement lives up to Trump's promise to prioritise US cryptocurrencies, with all coins apart from Bitcoin having been developed in the US.
"I will make sure the U.S. is the crypto capital of the world. We are making America great again," Trump said in a post.
It comes ahead of the inaugural White House Crypto Summit this Friday, headed by Trump's "crypto czar" David Sacks.
The announcement served as a much-needed shot in the arm for the ailing crypto markets after weeks of big sell-offs.
Bitcoin rallied more than 10% to US$94,000, while XRP jumped more than 30% to US$2.95 and Cardano shot up more than 60% to US$1.10.
Despite running on a pro-crypto platform, Trump's impact on the industry has been mixed since his election victory in November saw cryptocurrencies surge.
The launch of official Trump and Melania meme coins saw record trading volumes but pulled liquidity from the crypto markets, with accusations of insider trading and market manipulation dominating headlines.
The Trump administration's relative inaction on crypto since inauguration has also contributed to the ongoing slump in prices, but this may change following Trump's announcement and the upcoming Crypto Summit.
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