The crypto market registered a relief pump on Sunday, right after Trump picked five cryptocurrencies for his proposed reserve of digital assets.
Background
- In January, Trump signed an executive order to examine the creation of a “strategic national digital assets stockpile”
- He emphasized that this move would “elevate” the industry after years of “corrupt attacks” by former President Biden
Why should you pay attention?
- On his Truth Social platform on Sunday, Trump said that he signed an order which "directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA"
- Right after, he clarified that Bitcoin, Ethereum, as other crypto assets, “will be at the heart of the Reserve"
- ADA rose by more than 70% after Trump’s announcement
- XRP and Solana, on the other hand, registered pumps in the 20-30% bracket
- BTC and ETH jumped by roughly 10% each
Who said what?
- Trump emphasized,
“I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
- Ripple’s Brad Garlinghouse said,
“I’ve said this before - the crypto industry will achieve our goals (and beyond), IF WE WORK TOGETHER. Appreciate the crypto President Donald Trump’s vision of a govt digital asset reserve representative of the industry”
- However, Bitwise, Coinbase, and Gemini executives expressed their reservations about other assets sharing the same equation as Bitcoin. They tweeted:
Zooming out
- Asking community members to hold their horses, Malestorm’s Arthur Hayes emphasized, “Nothing new here. Just words. Lmk when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy Bitcoin or shitcoins”
Other related reads/listens
- SEC Lets Coinbase, Opensea, Uniswap, Gemini, Robinhood Off the Leash
- Crypto Lawsuits Will 'Quitely' Go Away After Gensler Steps Down: Pantera CLO
- Trump's Triumph: America Rides the Pro-Crypto Wave
- Gensler: The SEC has 'Never Said' That BTC, ETH are Securities
