The crypto market gained over $300 billion just hours after the announcement|QI.com|CC BY-ND 4.0
Crypto prices soared on Sunday, with Bitcoin jumping 11% to $94,164 and Ether up 13% to $2,516.
The upswing came after President Donald Trump posted on Truth Social that he is moving forward with a US strategic reserve of cryptocurrencies.
Last week, bitcoin fell below $90k, marking a 28% decline from its all-time high of $109,241 on January 20.
Trump added the reserve would include bitcoin, ethereum, XRP, solana and cardano.
The crypto market gained over $300 billion just hours after the announcement.
The idea of a bitcoin stockpile was initially floated in 2024 at the Bitcoin Conference while Trump was campaigning. In January, he signed an executive order to expand it.
Solana also surged 20% to $169, XRP was up 30% to $2.80, and Cardano rose nearly 60% to $1.02.
President Trump’s crypto-friendly stance signals a dramatic policy shift. In the past few weeks, the SEC has dropped investigations on major crypto firms like Coinbase, reversing the crackdown seen under former president Joe Biden.
Some analysts suggest the government could fund the reserve by holding onto its 180,000 seized Bitcoin, which is worth about $18 billion based on current market prices.
The Trump administration is also hosting a White House Crypto Summit this week.