Key Points:

• Cardano’s ADA, Solana’s SOL, and XRP prices fell significantly after a White House official retracted President Trump’s announcement about establishing a strategic cryptocurrency reserve, stating the five cryptocurrencies referenced were merely examples and did not represent the largest by market capitalization.
• Contrary to the official’s claims, data from CoinGecko indicates that, apart from Tether’s USDT, the five largest cryptocurrencies by market cap are Bitcoin, Ether, XRP, Binance’s BNB, and Solana’s SOL.
• Following the comments from the official, ADA’s price dropped over 5% to $0.82, XRP declined by 3.5% to $2.41, and SOL saw a decrease of 2% amid a generally weak crypto market.

Cardano’s ADA, XRP, and Solana’s SOL slipped on Friday after a White House official clarified President Trump’s announcement that he would sign an executive order instructing the Presidential Working Group to initiate a strategic crypto reserve involving ADA, XRP, SOL, Bitcoin, and Ether.

“I think the president just gave five examples of cryptocurrencies in his post. Those five have to be the largest by market cap,” the senior White House official stated in a call with reporters ahead of the White House Crypto Summit on Friday. “I think people are reading into that a little bit too much. The bottom line is, I think that what we’ve announced here is consistent with what the president has always said about the space.”

Based on CoinGecko data, the official might not be entirely accurate. Excluding the largest stablecoins, Tether’s USDT and Circle’s USDC, current data reveals that Bitcoin, Ether, XRP, Binance’s BNB, and Sol are indeed the largest cryptocurrencies by market capitalization, with Dogecoin following close behind.

In a March 2 post, Trump claimed that a “U.S. crypto reserve will elevate this critical industry after years of corrupt attacks from the Biden Administration.” Many in the industry reacted negatively to the inclusion of altcoins in a strategic reserve, voicing concerns it could lead to corruption and wrongdoing.

On March 6, Trump signed an order directing his administration to create a Bitcoin Strategic Reserve, funded by the seized Bitcoin holdings of the U.S. government. This separate crypto stockpile will encompass other digital currencies.

ADA dropped over 5% to $0.82 shortly after the official’s comments. XRP fell by 3.5% to $2.41, and SOL experienced a 2% decline as all three cryptocurrencies faced significant decreases amid a poor crypto market. Meanwhile, Bitcoin prices fell to $87,000, losing earlier gains.

Senior executives from various cryptocurrency companies have gathered in Washington, D.C. for the White House’s first crypto summit on Friday afternoon, with attendees including Ripple, Gemini, Robinhood Crypto, Crypto.com, Chainlink, and Anchorage.