After the correction in the crypto market last Tuesday morning, Bitcoin, Ethereum, XRP and other major coins are showing a slight rebound. The total market capitalization currently stands at $2.87 trillion, which is still some 23 percent below its all-time high from January.

Bitcoin is currently trading at $87,700, up 4.6 percent in the past 24 hours. Compared to last week, however, the largest crypto currency is still down 1.4 percent.

No support from Bitcoin ETFs

The recent price surge is not due to U.S. Bitcoin spot ETFs. On the contrary, these funds saw net outflows of $217.7 million over the past two trading days, according to data from Farside Investors.

Yesterday, after the opening of the US stock market, many traditional investors sold their positions in the so-called "Trump Pump." Cryptocurrency prices had previously surged following positive statements by former President Donald Trump about a possible crypto reserve.

XRP, Solana and Cardano benefit

According to plans, this reserve would include not only Bitcoin and Ethereum, but also U.S. crypto projects such as Solana, Ripple and Cardano. This caused significant price movements on Wednesday:

XRP and SOL rose 5 percent
Cardano (ADA) popped up more than 15 percent and is currently trading at $0.93

Criticism of Trump's crypto plans

The proposed crypto reserve received immediate criticism, especially for its inclusion of Ripple (XRP). Even Peter Schiff, a well-known Bitcoin skeptic, reacted skeptically:

"I understand the reason behind a Bitcoin reserve. I don't agree with it, but I get it. But why a reserve with XRP? Why on earth would we need that?"

In contrast, Charles Hoskinson, the founder of Cardano, took issue with Ripple:

"XRP is a great technology, a global standard, has survived for a decade in a volatile market and has one of the strongest communities."

Fear reigns in the marketplace

Despite the recovery, the Fear & Greed Index is still at "extreme fear," with a score of 20, showing that many investors are uncertain about the market. Still, seasoned investors might see this turbulent period as an opportunity to get in.