Washington: US President Donald Trump announced on Monday that five cryptocurrencies will be added to the country's strategic reserves. The cryptocurrencies identified are Ripple (XRP), Solana (SOL), Cardano (ADA), Ethereum (ETH), and Bitcoin (BTC), as stated by Trump on the social media platform Truth. He reiterated his promise made before the US presidential election last year, asserting, "I will make sure the U.S. is the Crypto Capital of the World."

According to Anadolu Agency, Trump had previously pledged that the US would become the 'crypto capital' of the planet. He emphasized, "If crypto is going to define the future, I want it mined, minted, and made in the USA. It is not going to be made anywhere else." Trump further mentioned that in addition to the five cryptocurrencies, other valuable digital currencies would also be central to the reserve.

The announcement has led to a significant impact on the cryptocurrency market. Following Trump's statement, Bitcoin's price increased by 6.85% over the last 24-hour period, and Ethereum saw a rise of 4.7%. Ripple experienced a gain of 14%, Solana climbed by 11.15%, and Cardano surged by an impressive 43.58%.

Meanwhile, in a move to further solidify the US's position in the crypto space, the White House is set to host its first cryptocurrency summit next Friday. This event is expected to gather key stakeholders and shed more light on the administration's approach to cryptocurrency integration into the national reserve.