The cryptocurrency market roared into March with a rally, recouping some of the losses from the asset class’s worst month since 2022, after President Donald Trump once again talked up his plan for a strategic crypto reserve.
In a Truth Social post on Sunday, Trump said his January executive order on crypto “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
Trump also said Bitcoin and Ether would be included in the reserve, helping those coins recover some of last month’s steep declines.
After Trump’s posts on Sunday, Bitcoin jumped 9% to above the $94,000 level. Ether, the second-largest digital token, rallied nearly 13% to above $2,500.
Cardano, the cryptocurrency commonly known by its symbol ADA, surged more than 50%. SOL, short for the Solana blockchain’s namesake token, jumped more than 20% and the Ripple-associated XRP rallied 30%.
The tokens Trump said would be included in the reserve are all among the top eight cryptocurrencies by market value, according to tracker CoinMarketCap.com. The only ones among the top eight that weren’t included were Tether and USDC, stablecoins that track the US dollar, and the Binance exchange’s token Binance Coin, known as BNB.
Trump had vowed to create a strategic Bitcoin reserve on the campaign trail, one of many crypto-related promises that helped fuel a surge in prices up until the day of his inauguration.
Trump’s crypto-related executive order — issued in January — didn’t mention any specific tokens and referred only to the possibility of a “national digital asset stockpile,” the potential creation and maintenance of which should be evaluated by a White House working group.
Bitcoin had fallen as much as 28% from its last record above $109,000 on Jan. 20, the day of Trump’s inauguration, through Friday. It posted an 18% drop in February.
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