Major tokens XRP, dogecoin (DOGE) and Cardano (ADA) plummeted as much as 9% in the past 24 hours after President Donald Trump dashed hopes of a diversified U.S. strategic crypto reserve.
Late Thursday, Trump directed his administration to establish a Bitcoin Strategic Reserve to hold bitcoin (BTC) previously seized by the government with an additional “crypto stockpile” of other assets. Assets for the non-bitcoin stockpile will be any crypto that the government otherwise seizes.
That reversed days of bullish momentum fueled by Trump’s earlier comments at including tokens XRP, ADA, ether (ETH) and Solana’s SOL — dousing hopes of buying pressure on all these assets using taxpayer money.
DOGE spiked as much as 12% earlier in the week as asset manager Bitwise filed a 19-B for an exchange-traded fund (ETF) holding the token, with isolated hopes of it being included in the strategic reserve among some traders.
Bitcoin, the…
