Crypto Market Reaction to White House Announcement

Cardano’s ADA, XRP, and Solana’s SOL fell on Friday after a White House official walked back President Trump’s recent statement about creating a strategic crypto reserve involving these cryptocurrencies, alongside bitcoin and ether.

A senior White House official clarified that Trump’s mention of the five cryptocurrencies was merely an illustration of those with the largest market caps. They said, “Those five have to be the largest by market cap,” and added, “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.”

However, data from CoinGecko shows discrepancies in the official’s claims. Excluding Tether’s USDT, the actual five largest cryptocurrencies by market cap are bitcoin, ether, XRP, Binance’s BNB, and SOL, with Dogecoin coming in sixth and ADA following closely behind.

On March 2, Trump tweeted that a “U.S. crypto reserve will elevate this critical industry after years of corrupt attacks from the Biden Administration.” Industry insiders criticized the inclusion of altcoins in such a reserve, fearing it could lead to corruption.

In response to the unfolding events, ADA dropped over 5% to $0.82, XRP decreased 3.5% to $2.41, and SOL fell by 2%. All three tokens are experiencing significant declines over the past 24 hours amid a struggling crypto market.

Senior executives from the crypto industry gathered in Washington, D.C. for the White House’s first-ever cryptocurrency summit.