Crypto market rebounds after Trump pledges national reserve

The crypto market is ralying after US president Donald Trump’s announceed that XRP, Solana and Cardano will be included in a US crypto reserve alongside Bitcoin and Ethereum. Bitcoin’s share price shot up to $92,000 after dipping as low as $72 late last week.
The news follows an earlier assignment by Trump to his ‘Crypto Czar’ David Sacks, to study the feasibility of a strategic crypto reserve.
With that, such a broad-based strategic crypto reserve is not yet a final policy. It is also unclear whether Trump’s announcement is part of a long-term plan or has been handed to him by sons Eric, Don Jnr and Barron. The Trumps have a controlling interest in World Liberty Financial – a crypto platform launched last year.
Donald Trump curried favour with cryptocurrency advocates last July when he made an appearance at the Bitcoin Conference in Nashville Tennessee. There he promised to make the US the “Bitcoin capital of the world” through the setting up of the reserve. The hype continued all the way through to his inauguration where Bitcoin reached a record $102,000. However, a combination of the administration’s lack of action on establishing a reserve and a heist that netted North Korean hackers $1.2 billion in virtual assets from trading exchange ByBit dented confidence in the market.
Trump has had short-term sucess with his own memecoin, $Trump. Lauched on 17 January, the coin peaked at $74.27 before crashing in value to $15.21 a time of writing. First lady Melania Trump launched a memecoin on the same day whose value peaked at $12.36 and now trades for less than $1. Neither coin will be included in the reserve.
Also noticeable for its absence is Elon Musk-endorsed Dogecoin, which has yet to break the dollar-mark.
Emerce and TechCentral Reporters