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Why Bitcoin, XRP, and Cardano Led a Crypto Explosion Today
When President Trump speaks, the crypto market listens.
The crypto market was on fire in Sunday trading after President Trump said he wants to create a crypto strategic reserve. This is something the industry hoped for when supporting President Trump and it could be moving closer to reality.
The biggest moves were tokens that could see huge buying pressure if a crypto reserve is created. In the last 24 hours, Cardano (CRYPTO: ADA) is up 60.6%, XRP (CRYPTO: XRP) jumped 31.7%, and Solana (CRYPTO: SOL) was up 22.6% after being explicitly named as part of the crypto reserve. President Trump later clarified he wanted to put those cryptocurrencies in along with top tokens Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). The larger tokens jumped 9.9% and 12.1%, respectively.
What we know right now is that President Trump has asked his Presidential Working Group to move forward with a Crypto Strategic Reserve that would "include" the tokens above. Early reporting indicates the government may simply keep the tokens it has seized as part of law enforcement activity rather than buying anything. The U.S. government is already one of the largest holders of Bitcoin, for example.
