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

New Details Reveal Political Contacts of Producers in Costa Rica Money-Laundering Probe

New details emerging from Costa Rica’s investigation into alleged drug-money laundering through concerts show that two prominent event producers detained this week had recent...

Dollar Holds as Central Bank Warns US Rates Could Push It Higher

The dollar has eased from its early-October high, but Central Bank President Róger Madrigal warns a widening US rate gap could lift it again.

Costa Rica’s Playa Sámara Residents Push to Restore Long-Damaged Mangrove

Residents of Playa Sámara are pushing for the restoration of the Río Lagarto mangrove, an ecosystem that environmental authorities say was heavily altered by...

Can environmentalism in Costa Rica learn lessons from the past?

Does the rise of populism in Costa Rica mean the end to the country’s green credentials? Perhaps, but it doesn’t have to be that...

China Tops US in Latin America Influence for First Time

China's influence in Latin America is now viewed more positively than that of the United States, a major poll conducted in 17 Latin American...

Route 32 to Costa Rica’s Caribbean closed after overnight landslide

Route 32 closed overnight at Zurquí after a landslide. Here's what it means if you're driving to the Caribbean today.

Costa Rica Opens Probe Into Political Ties of Man Wanted by US DEA

Costa Rica's attorney general will investigate whether a naturalized Costa Rican detained for extradition to the United States had political ties or helped finance...

Iron Maiden Ends 10-Year Absence With 50th-Anniversary Show in Costa Rica

Iron Maiden returned to Costa Rica after 10 years, bringing its 50th-anniversary tour and a song never played here before.

Flying to Panama? Expect Delays After the 7.7 Quake Closed Tocumen

Panama's Tocumen airport halted flights after the 7.7 quake. What it means if you're flying between Costa Rica and Panama.
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel