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

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.