- ADA, XRP, and SOL prices declined after White House official clarified Trump’s crypto reserve announcement, stating the president was simply listing examples of cryptocurrencies.
- The official’s claim that Trump mentioned the five largest cryptocurrencies by market cap is inaccurate, as BNB ranks higher than ADA.
- The White House is Hosting its first crypto summit on Friday with executives from companies including Ripple, Gemini, and Robinhood Crypto in attendance.
Cryptocurrency markets reacted negatively Friday as a senior White House official walked back President Trump’s earlier statements regarding the inclusion of specific altcoins in a proposed U.S. crypto strategic reserve. Cardano‘s ADA dropped over 5% to $0.82, while XRP fell 3.5% to $2.41 and Solana’s SOL decreased by 2% following the clarification.
The price movements came after the unnamed official downplayed Trump’s recent announcement about creating a strategic cryptocurrency reserve that would include ADA, XRP, SOL, Bitcoin and ether.
“I think the president just gave five examples of cryptocurrencies in his post. Those five have to be the largest by market cap,” the senior White House official explained during a press call ahead of Friday’s White House Crypto Summit. “I think people are reading into that a little bit too much. The bottom line is, I think that what we’ve announced here is consistent with what the president has always said about the space.”
This characterization contradicts market reality. According to CoinGecko data, when excluding stablecoins USDT and USDC, the five largest cryptocurrencies by market capitalization are actually bitcoin, ether, XRP, Binance‘s BNB, and SOL. Dogecoin ranks sixth, with ADA following in seventh position.
Trump had initially claimed in a March 2 social media post that “a U.S. crypto reserve will elevate this critical industry after years of corrupt attacks from Biden Administration.” His specific mention of SOL, ADA, and XRP drew industry criticism, with some experts expressing concern that including altcoins could potentially enable corruption and self-dealing.
On March 6, Trump signed an executive order directing his administration to establish a Bitcoin Strategic Reserve using the government’s seized bitcoin holdings. The proposed reserve containing other cryptocurrencies would be created separately.
The crypto market’s reaction to the clarification was swift and negative, with all three specifically mentioned tokens experiencing significant downward pressure amid broader market weakness over the past 24 hours.
Meanwhile, Washington, D.C. is hosting the White House’s inaugural crypto summit on Friday afternoon, bringing together senior executives from across the cryptocurrency industry. Companies represented include Ripple, Gemini, Robinhood Crypto, crypto.com, ChainLink and Anchorage.
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