Cryptocurrency prices jumped after President Donald Trump's surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump's growing attempts to use volatile cryptocurrency prices as a barometer of his public support.

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.

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