U.S. President Donald Trump announced on social media that five digital assets will be included in a new U.S. strategic reserve of cryptocurrencies, a move that spurred a significant surge in market values.
Following the announcement, Bitcoin, the world’s largest cryptocurrency, rose more than 11% to trade at approximately $94,164, while ether, the second-largest, increased by about 13% to around $2,516. Overall, the total cryptocurrency market experienced a roughly 10% uplift, translating to an increase of over $300 billion, according to data from CoinGecko.
Industry experts noted that the move could signal a shift toward more active U.S. participation in the crypto economy. Federico Brokate, head of U.S. business at 21Shares, stated that the decision may accelerate institutional adoption, provide clearer regulatory guidelines, and strengthen the U.S. leadership in digital asset innovation. However, James Butterfill, head of research at CoinShares, expressed surprise at the inclusion of assets beyond bitcoin, suggesting that these additional currencies are more akin to tech investments.
Trump’s announcement comes amid broader policy moves favoring the crypto industry. The president, who received support from the sector during his 2024 campaign, is set to host the first White House Crypto Summit on Friday, and his family has recently launched its own digital coins. Under Trump’s administration, the Securities and Exchange Commission has eased its scrutiny by withdrawing investigations into several crypto companies and dropping a lawsuit against Coinbase, the nation’s largest crypto exchange. This marks a departure from the regulatory approach of the previous administration, which had imposed stricter measures to curb fraud and money laundering.
Analysts have noted that despite recent downturns in cryptocurrency prices, market momentum could build further if additional catalysts, such as anticipated interest rate cuts by the U.S. Federal Reserve or a clearly articulated pro-crypto regulatory framework, emerge. Meanwhile, regulatory filings indicate that alongside hedge funds, banks and sovereign wealth funds have been increasing their allocations to crypto-related investments.
There is ongoing debate among legal experts and analysts over the best mechanism to establish the strategic reserve. Some argue that an act of Congress might be required, while others suggest that the U.S. Treasury’s Exchange Stabilization Fund could be used to purchase or sell the selected digital assets. Additionally, Trump’s crypto group had previously explored the option of creating the reserve using cryptocurrencies seized in law enforcement operations.
The announcement has intensified discussions on the future role of digital currencies in national policy, with market watchers and industry participants closely monitoring developments as the Trump administration pursues its crypto-related policy objectives.
Yemen warned the Houthis were seeking to replicate Iran's Strait of Hormuz strategy in the Red Sea, as U.S. President Donald Trump said there was a "g...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 28th of July, covering the latest developments. ...
The Trump administration has told Congress it does not expect to complete delivery of the remaining $400 million in military aid for Ukraine until 202...
U.S. President Donald Trump said on Monday that there is a good chance” of reaching a deal with Iran, but warned that Washington would resume military operation if negotiations fail.
Iran will halt its own attacks as long as the United States maintains its pause on strikes, but Tehran remains sceptical of U.S. intentions, a senior Iranian source told on Sunday.
The Russia-Ukraine war is increasingly reshaping the Caspian region. From threats to energy infrastructure to renewed diplomatic efforts, countries across the region are adapting to the wider consequences of a conflict that continues to disrupt trade, transport and security.
A New York school district has put plans to introduce a humanoid robot into classrooms on hold after fierce criticism from teachers, Indigenous community members and state education officials over the use of artificial intelligence in schools.
A known Islamist suspected of driving a minivan into a crowd near a major LGBTQ Pride gathering in Berlin was shot dead during a police operation at an allotment garden complex, broadcaster RBB reported on Sunday.
Oil prices have fallen more than six per cent as a pause in U.S.-Iran hostilities eased fears of wider supply disruption around the Gulf.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
Apple is closing in on Nvidia's position as the world's most valuable publicly traded company, as investors increasingly bet the iPhone maker can turn artificial intelligence into sustained earnings growth.
AI-powered shopping assistant Phia has been accused of using "cookie stuffing" to claim affiliate commissions for purchases it did not generate, according to a Bloomberg investigation. The company says the issue has now been resolved.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment