Trump crypto rally fizzles amid skepticism on reserve plan
Trump said Sunday on Truth Social that the XRP, SOL and ADA tokens will be included in the reserve, along with Bitcoin and Ether. The news ignited an immediate crypto rally, offering relief to an asset class fresh off its worst month since 2022.
Yet the initial euphoria soon gave way to questions about everything from the feasibility of Trump’s plan to the motivations behind it. Crypto markets were mostly back in the red on Monday, with XRP, SOL and ADA each suffering intraday declines of more than 10% after soaring the day before. Bitcoin and Ether also fell.
The February crypto rout had put pressure on Trump, who returned to the White House after the industry showered him with campaign donations and praise. Even the Securities and Exchange Commission’s reversal of a years-long crackdown had failed to stem the selloff, which many attributed in part to nervousness about Trump’s trade tariffs and dramatic moves to gut government programs.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»“For a president who thrives on being the market’s hero, last week’s risk asset performance was
Read on economictimes.indiatimes.com