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Coinbase (COIN) and MicroStrategy (MSTR) are climbing 1.5% and 2%, respectively, today after President Donald Trump provided some details on America's upcoming crypto strategic reserve yesterday.
Trump's Statements on the Crypto Strategic Reserve
In the wake of Trump's executive order on the reserve, issued in January, the U.S. intends to stockpile five cryptocurrencies, the president indicated.
Image Courtesy of Coinbase
Specifically, Trump reported that the order "directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP (XRP-USD), Solana (SOL-USD), and Cardano (ADA-USD)." He added that "obviously" Bitcoin (BTC-USD) and Ethereum (ETH-USD) "as other valuable Cryptocurrencies, will be at the heart of the Reserve." Trump added, "I also love Bitcoin and Ethereum."
Cryptos, COIN, and MSTR Are Well Off Their Highs
Since reaching their recent highs yesterday soon after Trump's statements, cryptos have dropped significantly. For example, shortly before 11 am ET, Bitcoin had retreated to $90,680 from its Sunday high of slightly over $95,000, while ether was changing hands for around $2,300, well off yesterday's high of about $2,530.
COIN stock was trading around $219, versus its high for the day of $233.40 and MSTR was at $260.50, versus its daily high of $295.10.
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READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: The author is shorting COIN and has put options on the stock but has no intention of trading them in the next 48 hours. This article is originally published at Insider Monkey.