Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
Cryptocurrencies rallied Sunday after U.S. President Donald Trump made good on his campaign promise to start a U.S. Crypto Reserve.
Trump said in a post on Truth Social that the reserve will include Bitcoin and Ethereum, as well as XRP, SOL, and ADA.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why 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,” Trump said on his Truth social platform. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
"And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve," Trump added. " I also love Bitcoin and Ethereum!"
Just before 2 PM ET, Bitcoin rose 8% to over $92,000, Ether rose 10%, XRP rose 23%, SOL rose 19%, and ADA rose 50%.
Michael Saylor, Chairman of Strategy (NASDAQ:MSTR) and prominent Bitcoin advocate, responded to the news saying, "Bitcoin is the foundation of the crypto economy."