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

United States Launches Strikes on Caracas, Captures Venezuelan President Maduro

United States forces bombed several sites in Caracas early this morning, leading to the capture of Venezuelan President Nicolás Maduro, according to an announcement...

Maduro’s Cult of Personality and Repression Defined Venezuela’s Lost Decade

Venezuela's Nicolas Maduro, who has been seized by US special forces after more than a decade in power, ruled with an iron fist while...

Costa Rica’s Nosara Highlighted in Forbes Top 10 Adventure Spots

Costa Rica has earned a spot on Forbes' list of top 10 adventure travel destinations for 2026, with Nosara in Guanacaste standing out for...

Costa Rica’s Liberia Airport Faces Demand Boom

The Daniel Oduber International Airport has grown beyond what planners first imagined when it opened in 2011. Officials from Costa Rica's Federated College of...

Costa Rica Watches U.S. Capture of Maduro as Regional Concerns Grow

The United States carried out airstrikes on Venezuelan military sites early this morning, leading to the capture of President Nicolás Maduro and his wife,...

Honduran Lawmaker Survives Explosive Attack in Congress

A homemade explosive device struck Honduran lawmaker Gladis Aurora López inside the National Congress on January 8, causing injuries that sent her to the...
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica