Bitcoin values surge after Trump talks about crypto reserve

The market prices of several cryptocurrencies jumped after President Donald Trump on Sunday named five coins he wanted to include in a yet-to-be-organized United States crypto reserve. He named Bitcoin, Ethereum, XRP, Solana, and Cardano as digital currencies he would like to use. XRP, Solana, and Cardano went up about 62%, while Bitcoin and Ethereum prices each rose more than 10%, according to CoinGecko data.

The Trump administration is expected to reveal more details on how the strategic reserve will operate on March 7, during the first White House Crypto Summit. Trump last month signed an executive order to support the growth and use of digital assets and the blockchain technology upon which they are built.

The global crypto market cap also rose $329 billion in three hours following Trump’s posts, to a Monday-morning peak of $3.1 trillion. That surge followed a widespread sell-off beginning Feb. 23 that plunged the market cap by over $450 billion.

Does the United States already own some cryptocurrency? The United States owns about $18 billion in several cryptocurrencies including Bitcoin and Ethereum, according to Arkham Intelligence, a blockchain analytics platform. Forbes reported in June 2023 that the government had more than $5 billion in bitcoin seized in different crackdowns.