No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeNewsTrump's Strategic Crypto Reserve Announcement Triggers Market Rally

Trump’s Strategic Crypto Reserve Announcement Triggers Market Rally

President Donald Trump mentioned this Sunday five cryptocurrencies that his government is considering for a new “strategic reserve” of the United States, which caused their values to soar and partially reverse a recent decline. In a post on his Truth Social network, the Republican magnate said that a task force he created shortly after taking office in late January is moving forward with the formation of the reserve, which will include three smaller-tier cryptocurrencies: XRP, Solana, and Cardano.

The value of these three cryptocurrencies rebounded with the news, and XRP was trading up 34% at 1:00 PM in Washington (18:00 GMT). Solana gained about 22% and Cardano rose more than 63%. A few minutes later, Trump posted again, noting that other valuable and already widespread cryptocurrencies, such as Bitcoin and Ether, would be at “the heart of the Reserve,” which caused the price of the two main digital currencies to increase by more than 10% and 12%, respectively.

These messages from Trump helped stimulate a broad rally among digital currencies, which had plummeted in recent days as the magnate’s tariff threats and new scandals affecting the sector shook investor confidence in these highly volatile assets. Nor is it the first time that Trump and his inner circle have commented on the cryptocurrency sector.

Both Trump and his wife Melania recently launched their own branded meme coins, prompting accusations that they were looking to profit from their political success. Billionaire businessman Elon Musk—Trump’s political ally and now head of an entity in charge of cutting federal spending to improve government efficiency—has also frequently promoted cryptocurrencies on his own social network, X.

Trending Now

An Expat’s Take: 5 Burning Questions About Life in Costa Rica Right Now

Have you been keeping up with the various events taking place in Costa Rica? There is always something interesting going down, and here are...

Costa Rica’s Top Court Bans President Chaves from 2026 Election Campaign

Costa Rica’s Supreme Electoral Tribunal on Thursday barred President Rodrigo Chaves from participating in the 2026 election campaign, ruling that he "illegitimately used" his...

Costa Rica’s Rare Birds at Risk as Human Activity Threatens Extinction

Costa Rica’s bare-necked umbrellabird, a striking black bird with a red throat pouch and crest, is in trouble. A new study in Nature Ecology...

U.S. – Guatemala Security Pact Targets Crime and Helps Returning Migrants

U.S. Secretary of Homeland Security Kristi Noem signed a border security cooperation agreement with Guatemala on Thursday, which includes the use of drones and...

Celso Gamboa Allegedly Ran Drug Ring with Costa Rican Government Ties

Celso Gamboa, once Costa Rica’s Security Minister and a Supreme Court judge, now faces extradition to the U.S. for leading a major cocaine trafficking...

Costa Rica’s Pride 2025 Closing Event Bans Minors, Sparks Outrage

Costa Rica’s Pride 2025 closing event, set for June 29 at San José’s Plaza de la Democracia, was thrown into controversy when the government...
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica