Crypto Currencies Pare Gains Amid Uncertainty Over Trump's Plans — Market Talk

Crypto currencies rise sharply after U.S. President Trump announced the creation of a U.S. strategic crypto reserve, but a lack of detail about the plan causes them to trim some of their gains. "It's unclear if the U.S. government intends to go on a buying spree in the crypto market, or whether it will simply use the crypto seized from criminals to bulk it out," says Susannah Streeter, analyst at Hargreaves Lansdown, in a note. Still, Trump's announcement was the catalyst that "crypto bulls had been holding out for." Crypto currencies will, therefore, remain volatile until more is known, she says. Bitcoin trades at $91,773.68, up nearly 9% on the day but off a peak of $94.986 hit Sunday, according to LSEG. ([email protected])