The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

I hope you had a good weekend, folks. President Trump's Crypto Strategic Reserve announcement on Sunday — naming BTC, ETH, XRP, SOL and ADA — reignited crypto bull market hopes after last week's price plunge. But are we so back, or will it be so over like the short-lived Xi candle of 2019?

In today's crypto reserve special, we take a look at what's next after the announcement-fueled Trump pump, Standard Chartered says its bitcoin price target of $500,000 is now back in focus, TD Cowen warns not to overreact to the news and more.

Meanwhile, the SEC reportedly agrees to drop its case against crypto exchange Kraken.

Let's get started.

President Trump's announcement on Sunday, directing a working group to "move forward" on a U.S. crypto strategic reserve, sent prices soaring, with the BTC, ETH, XRP, SOL and ADA assets named all rallying between 10% and 70% before correcting on Monday.

Standard Chartered Head of Digital Asset Research Geoff Kendrick said Trump's Crypto Reserve plan would provide long-term stability for bitcoin, bringing his $500,000 target by 2029 back into focus.

Taking a different stance, investment bank TD Cowen criticized President Trump's crypto reserve announcement as uncoordinated and lacking a clear funding plan, warning against overreacting to the news.

Coinbase CEO Brian Armstrong suggested that bitcoin alone would "probably" be the best option for a U.S. crypto reserve, calling it the simplest and clearest successor to gold.

White House Crypto Czar David Sacks confirmed that he had already sold all his cryptocurrency holdings, including BTC, ETH and SOL — assets named in the crypto reserve announcement — before joining the Trump administration.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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