President Donald Trump is throwing his support behind the creation of a federal reserve of cryptocurrency assets — he initially highlighted XRP, Solana,

Cryptocurrency prices briefly jumped after President Donald Trump's surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump's growing attempts to use volatile cryptocurrency prices as a barometer of his public support.

Analysts say the crypto market needs a reason to move higher, such as indications that the Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.