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Investing.com - Shares in cryptocurrency-exposed stocks rallied prior to the start of trading on Wall Street on Monday, mirroring a rebound in Bitcoin after President Donald Trump spoke over the weekend about his plan for a strategic crypto reserve.
By 05:23 ET (10:23 GMT), the world’s largest cryptocurrency had risen by 7.1% to $92,068.2, paring some earlier gains that had the taken the price of the token up by as much as 20% to $94,266.1. Bitcoin had been sliding since mid-January, as investor appetites were dented by disappointment over a relative lack of statements on crypto from Trump and faltering sentiment around speculative assets.
Several crypto-related names advanced in premarket U.S. trading, including Bitcoin investor MicroStrategy (NASDAQ:MSTR) -- which does business as Strategy -- and crypto exchange Coinbase (NASDAQ:COIN). Digital asset miners like Riot Platforms (NASDAQ:RIOT), Mara Holdings (NASDAQ:MARA), Bit Digital (NASDAQ:BTBT), CleanSpark (NASDAQ:CLSK) and Hut 8 (NASDAQ:HUT) also climbed.
Trump on Sunday repeated his proposal for a so-called "Crypto Strategic Reserve," stating that he had directed an executive group to proceed with the project. He claimed that Bitcoin, Ether, XRP, Solana, and Cardano will be included in the reserve.
“A U.S. Crypto Reserve will elevate this critical industry,” Trump said in a social media post.
Trump had last month signed an executive order to explore a regulatory framework on crypto, including the establishment of a strategic digital assets reserve. But the order had made no mention of Bitcoin, and had provided few details on what the regulatory framework would entail.
The president is set to hold his first White House crypto summit this Friday, where he will likely offer more insight into his plans for the industry. Trump has previously vowed to be an advocate for the sector, saying on the campaign trail last year that he would turn the U.S. into the "Crypto Capital of the World."