President Donald Trump said Sunday that he is directing his newly created digital assets working group to move forward on creating a “crypto strategic reserve” along the lines of existing U.S. reserves of gold and oil.

The Trump Pump briefly sent the prices of five cryptocurrencies soaring, but they're already coming back down to Earth.

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.