WEST PALM BEACH, Florida, March 2 (Reuters) - U.S.

President Donald Trump announced the names of five digital

assets he expects to include in a new U.S. crypto strategic

reserve on Sunday, spiking the market value of each.

Trump said on social media that his January executive order

on digital assets would create a stockpile of currencies

including bitcoin, ether, XRP, SOL

and ADA. The names had not previously been

announced.

The assets rose 8% to 62% in trading on Sunday.

Trump said his order "directed the Presidential Working

Group to move forward on a Crypto Strategic Reserve that

includes XRP, SOL, and ADA. I will make sure the U.S. is the

Crypto Capital of the World."

More than an hour later, Trump added another post: "And,

obviously, BTC and ETH, as other valuable Cryptocurrencies, will

be at the heart of the Reserve."

Bitcoin, the world's largest cryptocurrency by market value,

was up around 8% at $90,828. Ether, the second largest

cryptocurrency, was up 8.3% at $2,409.

The Republican president won support from the crypto

industry in his 2024 election bid, and he has quickly moved to

back their policy priorities. Under his Democratic predecessor,

Joe Biden, regulators cracked down on the industry in a bid to

protect Americans from fraud and money laundering.

In recent weeks though, cryptocurrency prices are down

sharply, with some of the biggest digital currencies erasing

nearly all of the gains made after Trump's election win

triggered a wave of excitement across the industry.

Analysts say the market needs a reason to move higher, such

as indications that the U.S. Federal Reserve plans to cut

interest rates or a clear pro-crypto regulatory framework from

the Trump administration.

Trump is hosting the first White House Crypto Summit on

Friday. His family has also launched its own coins.

It's not clear how the new stockpile will be set up or work.

Analysts and legal experts are divided on whether an act of

Congress will be necessary. Some have argued the reserve could

be created via the U.S. Treasury's Exchange Stabilization Fund,

which can be used to purchase or sell foreign currencies.

Trump's crypto group had planned to look at potentially

creating the stockpile with cryptocurrencies seized in law

enforcement actions.