President Donald Trump’s surprise announcement of creating a “Crypto Strategic Reserve” sparked a significant jump in cryptocurrency prices. The reserve would include a variety of digital assets such as XRP, solana, cardano, bitcoin, and ether. This move helped crypto prices rebound following recent sell-offs, with notable spikes in XRP, solana, and cardano values. Trump’s previous campaign promise of a “strategic national bitcoin” stockpile has evolved to encompass other cryptocurrencies seized by the government.

Despite lacking specifics on the reserve’s composition and acquisition methods, the announcement garnered support from Trump’s son Eric, who touted the price increases as validation of his social media advice on crypto investments. Trump positioned himself as a defender of the crypto industry against alleged attacks by the Biden administration, emphasizing his administration’s efforts to support the sector.

While Trump’s involvement initially buoyed crypto prices, subsequent developments, including the collapse of a personal meme coin and security breaches, have dampened enthusiasm. The potential inclusion of non-bitcoin cryptocurrencies in the reserve has drawn mixed reactions within the industry, given bitcoin’s dominance and concerns about cryptocurrency volatility.

In light of these developments, Trump plans to convene a “Crypto Summit” at the White House, further signaling his engagement with the crypto sector. The announcement underscores Trump’s evolving stance on cryptocurrencies and his efforts to leverage their market dynamics as a measure of public support.