A spike in cryptocurrency prices Monday morning after President Donald Trump's surprise Sunday announcement quickly fizzled by Monday afternoon.

The reserve will include Bitcoin, Ethereum, Solana, XRP, and Cardano—which rank among the top holdings of a firm that was until recently backed by David Sacks.

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.