Cryptocurrency prices briefly 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.

A weekend boost for five crypto tokens, courtesy of a social media post from the president, fizzled out by mid-Monday morning.

Donald Trump was able to reverse the first slump in digital assets since he took office with some new promises about a US strategic reserve of cryptocurrencies.