SINGAPORE: Bitcoin surged more than 20% from last week’s lows on Monday and several other cryptocurrencies also rallied sharply after US President Donald Trump raised the possibility of a new US strategic reserve that would include a range of tokens.
Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies, including bitcoin, ether, XRP, solana and cardano. The names had not previously been announced.
Bitcoin and ether will be at the heart of this reserve, he posted on Sunday.
The post sent the world’s largest cryptocurrency up by a fifth from the November lows it was trading at on Friday, helping flip sentiment on a token that has been sliding since mid-January on disappointment Trump had not followed through on pledges to loosen regulation. It was last at around $91,605, up from Friday’s low of$78,273.
Ether was also up 20% from Friday’s lows to $2,351, a 7% drop from Sunday’s closing levels.
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