President Donald Trump announced Sunday his administration is moving to create a U.S. “strategic reserve” of cryptocurrencies, sending digital asset

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

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.

Trump said his January executive order on digital assets would create a stockpile of currencies including bitcoin, ether, XRP, SOL and ADA.

In a post on his Truth Social, the president told followers he would create a basket of digital assets similar to the strategic petroleum reserve, which Trump saID would include crypto leaders Solana, Cardano, Bitcoin, and Ethereum. Typically, such reserves are used in times of crisis or supply chain disruptions.

Bitcoin was down 9.47 percent at $85,321.69 each. The cryptocurrency market’s total valuation remains above a trillion dollars, with Bitcoin holding the largest share.

President Donald Trump said Sunday that he is directing his newly created digital assets working group to move forward on creating a “crypto strategic reserve” along the lines of existing U.S. reserves of gold and oil.

Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies.

Trump (pictured) vowed to 'make sure the US is the crypto capital of the world' and said bitcoin and ethereum would be at the 'heart of the reserve'.

Bitcoin was deep in the red, sinking below $80,000. But in a dramatic turnaround, the leading cryptocurrency has surged over $14,000, thanks in large part to President Donald Trump. Over the weekend,