Donald Trump is preparing to host the first White House Crypto Summit on March 7, where he is expected to outline new policies for supporting cryptocurrency regulation and adoption in the U.S.
Trump’s announcement of a proposed national strategic reserve consisting of Solana (SOL), Cardano (ADA), and XRP sent these assets soaring by up to 60% on Sunday. Despite the surge, traders remain cautious as they await further details on the plan’s feasibility and execution.
“The market’s reaction has been swift, but a pullback is likely as investors analyze the regulatory and legal implications of the proposed reserve,” said Kevin Guo, director of HashKey Research, in a message to CoinDesk. “The Federal Reserve has restrictions on holding Bitcoin, which could present similar challenges for other cryptocurrencies in a national reserve.”
Guo also noted that additional insights from Trump’s Crypto Summit could either strengthen market confidence or introduce new uncertainties.
On Sunday evening, Trump took to Truth Social to confirm that XRP, SOL, and ADA would be part of the strategic crypto reserve. Later, he expanded the list to include Bitcoin and Ethereum, reinforcing a concept he had previously introduced during his 2024 presidential campaign.
The crypto market responded with strong gains, with Bitcoin climbing 6.5% to surpass $93,000 on Monday, while the broader market, as measured by the CoinDesk 20 (CD20) index, gained 7%.
Other tokens, including Chainlink (LINK), Uniswap (UNI), and Movement (MOVE), saw an 8% rise in the past 24 hours, largely due to their connection with World Liberty Financial, a firm with reported ties to the Trump family.
Despite the price surge, analysts caution that market stability will depend on further policy details.
“Until there is a clear framework for the strategic reserve, volatility is expected,” said Chris Yu, CEO of SignalPlus, in a message to CoinDesk. “However, the rapid shift in sentiment suggests the market could be setting up for a more sustained bullish phase.”
Yu added that investors are watching U.S.-traded crypto ETFs closely, as record outflows last week signaled uncertainty. A shift to inflows could reinforce confidence and further fuel the rally.
