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Crypto prices sink on Trump reserve skepticism, tariff concerns
- Euphoria in digital-asset markets over Trump's plans for a crypto reserve turned to skepticism, leading to losses in cryptocurrencies amid concerns about tariffs on Mexico and Canada.
- Trump announced inclusion of XRP, SOL, and ADA tokens along with Bitcoin and Ether in the reserve, sparking a rally but later facing investor doubts.
- Crypto prices dropped, with Bitcoin down nearly 9% and Ether around 16%, after the announcement stirred uncertainties in the market.
- The Bloomberg Galaxy Crypto Index fell about 28% in February, adding pressure on Trump amidst a selloff and trade tariff worries.
- The plan for a crypto reserve, potentially from seized cryptocurrencies, lacked details and disappointed investors, contributing to the market slump.
- Trump's crypto czar, David Sacks, sold his cryptocurrency holdings before the administration took over amid uncertainties about the project.
- XRP, Solana, and Cardano tokens were announced to be included in the reserve, each having its own history and notable figures linked to them.
- Ripple's XRP, associated with Brad Garlinghouse, faced legal battles but gained support from Trump, showcasing a reversal of fortunes for the company.
- Solana, known for memecoins, saw Trump and his wife launch tokens on it, while Cardano struggles to compete with Ethereum in the decentralized finance market.
- The crypto industry's reaction to Trump's crypto reserve plan ranged from enthusiasm to skepticism, reflecting uncertainties in the market.
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