Donald Trump has ordered the U.S. cryptocurrency task force to move forward with plans to establish the U.S. Strategic Cryptocurrency Reserve Fund, naming the five cryptocurrencies that will be stored in the fund, which led to an increase in their prices.

According to Trump, Bitcoin, Ethereum, Ripple, Solana, and Cardano will be included in the U.S. government's strategic cryptocurrency reserve fund.

After this news was released, Bitcoin’s price rose by up to 9%, Ethereum by up to 11%, Solana by up to 22%, Ripple by up to 33%, and Cardano by up to 60%!

Not long ago, Trump created the U.S. cryptocurrency task force through an executive order. This group is tasked with establishing a framework for the U.S. government to have a national cryptocurrency reserve fund. In this fund, cryptocurrencies, particularly Bitcoins seized from criminals, will be stored rather than auctioned off immediately. The goal is for these holdings to generate profit for the government as their value increases over time.

Additionally, this is the first time Trump has used the term "reserve" instead of "stockpile" for this fund. While "stockpile" generally means that the government will simply not sell its cryptocurrencies, "reserve" implies that the U.S. government will actively purchase and store these cryptocurrencies.