Crypto prices have gone up again after US President Donald Trump named a number of tokens that he said would be included in the proposed crypto strategic reserve. He wrote on social media that bitcoin and ethereum will be at the heart of the reserve, whilst other tokens such as solana, XRP and cardano will also be part of it.

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!,” he added.

Work has already started on implementing the plan as a number of proposals are being reviewed by politicians as well as federal legislators, the FT has reported.

“The bills have faced opposition, including from some Republican lawmakers who say they put taxpayers’ funds at risk, and the reserve itself will raise concerns over potential conflicts of interest. Some Trump advisers have investments tied to the market,” the paper has reported.

In terms of numbers, bitcoin prices rose by 11% after Trump’s announcement over the weekend. Ethereum saw a 14% increase whilst solana prices also jumped by 26%.

$800 billion wiped off crypto markets

Trump’s announcement about a potential US Crypto Reserve couldn’t have come at a better time for investors, as digital assets across the market had struggled over the past few weeks.

According to reports, and prior to Trump’s announcement, around $800 billion had been wiped off the global crypto markets in the last few weeks, in stark contrast to the enthusiasm seen immediately after Trump’s inauguration.

The price of bitcoin, the crypto asset that has benefited more than any other rival from Trump’s return to the White House, fell 3.6% last Wednesday, according to the FT. “Traders have also grown frustrated that Trump has not moved faster to enact some of the reforms he promised on the campaign trail,” according to the paper.

Gadi Chait, investment manager at Xapo Bank was quoted saying: “There has been a recalibration of expectations regarding the Trump administration’s crypto stance.”

Jain term for crypto-ATM operator

The first individual to be convicted of running an illegal and unregistered crypto-ATM machine in the UK has been sentenced to four years in prison.

Olumide Osunkoya, 46, was sentenced on 28 February 2025 for illegal crypto activity worth over £2.5m ($3.2m) and associated offences, the country’s FCA said in a press release.

“Between December 30, 2021, and March 12, 2022, Mr Osunkoya operated crypto ATMs at 28 different locations via his company, GidiPlus Ltd, despite being refused registration with the FCA,” the FCA has said.

“Mr Osunkoya later transferred the machines from GidiPlus Ltd and personally operated a reduced network of up to 12 crypto ATMs under a false name and company to evade detection,” the press release adds.

Allegations against him also included failure to carry out necessary checks that the ATM machines were not used for criminal purposes, forgery, producing and possessing false identity documents and possessing criminal property.

The FCA has said it has requested the Court for confiscation proceedings so that it can “recover any financial benefit Mr Osunkoya obtained as a result of his criminality.”

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences.”

Crypto will overtake precious metals

State Street, one of the world’s largest ETF services, has predicted crypto ETFs will overtake precious metals ETFs in North America by the end of the year.

In its latest analysis, entitled 2025 Global ETF Outlook: The expansion accelerates, the service has said the continuing interest in crypto could make it the third largest asset class in the $15 trillion EFT industry. It will only be behind assets such as equities and bonds, but could potentially overtake rival assets such as real estate, alternatives and multi-asset funds.

“Beyond the expansion of asset classes, we are also seeing more regulators and ecosystems around the globe adapting their regulations to fold active ETFs into the mix, bringing new markets and clients to the table,” State Street analysts have said.

Other predictions in the analysis in relation to digital assets include:

• “Spot crypto products will expand to cover the top 10 coins based on market cap.”
• “Crypto ETFs will expand to multi-coin products well beyond Bitcoin and Ethereum.”
• “Additional ecosystem members will gain comfort with trading digital asset products, and combined with regulatory easing, will pave the way for the approval of in-kind capabilities for digital assets.”

Largest heist in history

In a development that has left the crypto industry shocked and worried, reports emerged last week that hackers allegedly backed by the North Korean government have managed to steal $1.5 billion worth of crypto assets from a cryptocurrency exchange.

Security analysts have said Pyongyang-backed agents “were able to breach the systems of Dubai-based exchange Bybit to steal the digital coin ether,” the Telegraph has reported.

This could potentially be the second mega heist by North Korean agents in consecutive years, after they also stole $1.3 billion in digital coins in 2024, according to Chainalysis.

The crypto analyst said last year that: “Hackers linked to North Korea have become notorious for their sophisticated and relentless tradecraft, often employing advanced malware, social engineering, and cryptocurrency theft to fund state-sponsored operations and circumvent international sanctions.”

It is believed, though not confirmed, that the hackers are part of the North Korean security agency and use the incomes from such heists to help mobilize the country’s economy in face of international sanctions.

Bybit has tried to play down the steal, insisting that it was an “isolated incident” and that it has more than enough assets to cover for the loss, the Telegraph has reported.