Donald Trump’s announcement that the US will include three lesser-known digital tokens in its strategic crypto reserve was greeted with skepticism in the industry, with investors questioning the project’s merits and the coins he selected giving up some of their initial gains.

Analysts say the crypto market needs a reason to move higher, such as indications that the Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration.

Government purchases for the “Crypto Strategic Reserve” will include bitcoin and other lesser-known digital tokens, President Donald Trump said on social media.