The Bitcoin price is up sharply early Monday vs. Friday while other cryptocurrencies such as Ethereum, XRP, Dogecoin, Solana and Cardano soared as President Donald Trump expanded on his commitment for a U.S. crypto strategic reserve. Crypto currencies were off their Sunday peaks.
The surge in cryptocurrency prices buoyed crypto-related stocks such as Strategy, formerly known as MicroStrategy, as well as Coinbase and Robinhood.
"A U.S. Crypto Reserve will elevate this critical industry," Trump wrote on his Truth Social site on Sunday, adding "my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA."
He followed up with another post, "obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum."
President Trump issued a crypto executive order on Jan. 23, mentioning a "national digital asset stockpile" but didn't cite any specific cryptocurrencies.
The Bitcoin price is just above $93,000 early Monday after hitting $95,136 at Sunday's high. The dominant digital currency had plunged from record highs in recent weeks, undercutting $80,000 at one point last week. It was at $84,108.22 as of 4 p.m. ET Friday.
Ethereum leapt to above $2.350, though also off Sunday's peaks. It was at $2,222.39 as of 4 p.m. ET Friday
Ripple-tied XRP, Solana and ADA (Cardano) also were up sharply vs. Friday but below Sunday's highs.
So was Dogecoin, not named by Trump Sunday. Tesla CEO Elon Musk has long championed Dogecoin.
The $TRUMP meme coin traded above $15, though off Sunday's high above 17. Trump businesses control a majority of $TRUMP.
Meanwhile, Strategy stock jumped 13% early Monday. COIN stock leapt 10% and Robinhood 7%.
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