Crypto prices rally after Trump backs 'crypto reserve'

Trump named five cryptocurrencies he wanted in a potential national reserve so the US could become "the Crypto Capital of the World".

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The market prices of the five coins he named - Bitcoin, Ethereum, XRP, Solana and Cardano - all swiftly jumped after the announcement.

During Trump's presidential campaign, he aggressively courted the crypto community. The previous US president, Joe Biden, had overseen a crackdown on crypto due to concerns about fraud and money laundering.

It is unclear how the new stockpile will work. More information is expected on Friday, when Trump plans to host the first Crypto Summit at the White House.

In a social media post on Sunday, Trump said he had signed an order which "directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA".

https://www.bbc.com/news/articles/cn0jgggd7r4o

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