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.

Cryptocurrency prices jumped after Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund.

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.