Key Points:

• Major cryptocurrencies such as XRP, DOGE, and ADA experienced declines of up to 9% following President Donald Trump’s announcement to establish a Bitcoin-only strategic reserve, which omitted these tokens.
• This decision triggered over $400 million in liquidations on bullish positions in crypto futures, primarily impacting BTC-related products.
• Traders are now looking towards the upcoming White House Crypto Summit, though expectations are low due to minimal commitments from Trump.

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In the past 24 hours, the major cryptocurrencies XRP, Dogecoin (DOGE), and Cardano (ADA) saw drops as much as 9% after President Donald Trump indicated that the United States would create a Bitcoin Strategic Reserve without including these tokens.

On Thursday, Trump ordered his administration to set up a Bitcoin reserve with seized funds while excluding opportunities for the purchase of other cryptocurrencies. This has reversed recent bullish sentiment that was previously fueled by Trump’s discussions about including these tokens in potential future purchases using taxpayer funds.

Earlier in the week, DOGE had risen up to 12% as traders speculated about its inclusion in a proposed ETF, but Trump’s current plans have diminished those hopes substantially.

Bitcoin’s price also declined, falling 4.5%, significantly affecting the whole market, with the CoinDesk 20 index dropping 5%.

Nick Ruck, a director at LVRG Research, commented via Telegram: “Traders have lowered expectations since the strategic reserve announcement failed to live up to what they hoped for.”

Ruck added there remains a sliver of hope for unexpected announcements between Trump and blockchain companies at the upcoming summit.