The White House Crypto Summit held yesterday has resulted in a 3.26% decline in the crypto market. Bitcoin has dropped by 3.75%, and other altcoins such as Ether, XRP, Solana, and Cardano have also experienced price decreases in the last 24 hours.
The total crypto market cap is down by 3.26% today following the White House Crypto Summit organized by Donald Trump. Despite the US administration’s efforts to establish a Bitcoin strategic reserve, Bitcoin has fallen below $90,000. Altcoins have also suffered losses in value today.
Specifically, major altcoins Ether, XRP, SOL, and Cardano’s ADA have seen declines of 3.12%, 8.82%, 4.72%, and 9.83% respectively in the past 24 hours. The overall market cap has also decreased by 3.26% today, with its value currently hovering around $2.83 trillion. The crypto fear and greed index indicates a sentiment of “Fear” at 25.
The crypto market has declined following the White House Crypto Summit
As scheduled, the White House Crypto Summit took place under the administration of Donald Trump. Crypto executives and industry leaders met with government officials and the Presidential Working Group. Trump once again promised that the US would become a Bitcoin superpower.
In a post on Truth Social on March 2nd, Donald Trump mentioned four major cryptocurrencies. He stated,
In another post, Donald Trump also mentioned that BTC and ETH would be part of the crypto strategic reserve regardless. As a result, Bitcoin and the mentioned altcoins experienced a significant increase in their market prices.
During the White House Crypto Summit, an official stated that Donald Trump mentioned cryptocurrencies merely as an example. In their words,
Recently, Trump signed another executive order to further the creation of the crypto strategic reserve with Bitcoin as the only included cryptocurrency. He also directed the administration to create a crypto stockpile, including other cryptocurrencies.
Major cryptocurrencies have seen significant declines in their market prices today. On the other hand, crypto firms are taking advantage of this opportunity to file for IPOs in the current crypto-friendly US government.
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