Crypto prices rally after Trump backs five coins for 'crypto reserve'

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The cryptocurrency market experienced a significant rally after US President Donald Trump announced his support for five specific cryptocurrencies to be included in a new strategic reserve. The five coins named by Trump are Bitcoin, Ethereum, XRP, Solana, and Cardano. This announcement led to a swift increase in the market prices of these cryptocurrencies.

Trump's decision to back these coins is part of his broader plan to make the United States the "Crypto Capital of the World." During his presidential campaign, Trump aggressively courted the crypto community, and his administration has been working to roll back regulatory crackdowns initiated by the previous administration. The creation of a crypto strategic reserve marks a pivotal moment for digital assets and reflects a major step in the government's engagement with the crypto industry.

The market responded positively to Trump's announcement, with Bitcoin and Ethereum prices rising by more than 10% each. XRP, Solana, and Cardano also saw significant gains, with Cardano jumping more than 70%, XRP rising over 35%, and Solana increasing by 20%. This surge in prices highlights the impact of Trump's support on the cryptocurrency market.

Trump's executive order on digital assets directed the Presidential Working Group to move forward on creating a crypto strategic reserve. This move is expected to elevate the industry and provide a boost to the crypto trading market. The first-ever White House Crypto Summit is scheduled to take place soon, where more information about the strategic reserve is expected to be revealed.

Overall, Trump's backing of these five cryptocurrencies has injected new energy into the market, and the rally in prices reflects the optimism and excitement within the crypto community.

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