- The crypto market is down by 3.26% following White House Crypto Summit yesterday.
- Bitcoin is down 3.75% while altcoins Ether, XRP, Solana, and Cardano have also witnessed price drops in the last 24 hours.
The total crypto market cap is down by 3.26% today following Donald Trump’s White House Crypto Summit. Bitcoin fell back to less than $90K despite the US administration moves towards establishing a Bitcoin strategic reserve. Meanwhile, altcoins have also plunged in value today.
In particular, major altcoins Ether, XRP, SOL, and Cardano’s ADA are down by 3.12%, 8.82%, 4.72%, and 9.83% in the last 24 hours. The overall market cap is also down by 3.26% today, and its value is hovering around $2.83 trillion at present. The crypto fear and greed index indicates 25 and reflects the “Fear” sentiment in the market.
Crypto Market is Down Following the White House Crypto Summit
As per the prior schedule, the White House Crypto Summit took place under Donald Trump’s administration. Crypto executives and industry leaders met with government officials along with the Presidential Working Group. Trump once again promised that the US will be the Bitcoin superpower.
Recently, in a March 2nd post on Truth Social, Donald Trump mentioned 4 major cryptocurrencies. He stated,
“Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
In another post, Donald Trump also mentioned BTC and ETH will anyway be a part of the crypto strategic reserve. As a result, Bitcoin along with the mentioned altcoins witnessed a considerable price surge in their market prices.
Fast forward to the White House Crypto Summit, one of the officials said that Donald Trump mentioned cryptocurrencies just for an example. In his words,
“I think the president just gave five examples of cryptocurrencies in his post. Those five have to be the largest by market cap. I think people are reading into that a little bit too much. The bottom line is, I think that what we’ve announced here is consistent with what the president has always said about space.”
Recently, Trump signed another executive order to further the creation of the crypto strategic reserve with only Bitcoin. He also directed the administration to create a crypto stockpile, including other cryptocurrencies.
Major cryptocurrencies are significantly down in terms of their market prices today. On the other hand, crypto firms are taking this opportunity to file for IPOs in the present crypto-friendly US government.
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