Bitcoin and several major cryptocurrencies rallied following news that they will be included in a new US strategic reserve of digital assets, alongside Ether and XRP.
Former President Donald Trump announced on social media that five cryptocurrencies—Bitcoin, Ether, XRP, Solana, and Cardano—will be part of the reserve.
Bitcoin, the world’s largest cryptocurrency, surged 9.2% to over $92,000 this morning, while Ether climbed nearly 7% and XRP soared by almost 25%.
The rebound comes after Bitcoin suffered its biggest monthly loss since June 2022, dropping 17.5% in February as post-election enthusiasm for crypto waned. However, the market regained momentum after Trump reignited investor confidence with his announcement on Sunday.
In January, Trump signed an executive order titled “Strengthening American Leadership in Digital Financial Technology,” designed to promote the “responsible growth and use of digital assets, blockchain technology, and related innovations across all sectors of the economy.”
Additionally, he established a new Crypto Task Force and appointed cryptocurrency advocate Paul Atkins as the new chair of the US Securities and Exchange Commission (SEC), the country’s top financial regulator.
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