The cryptocurrency market has experienced a 3.26% decline following the White House Crypto Summit that took place yesterday.
Bitcoin has decreased by 3.75%, while other altcoins such as Ether, XRP, Solana, and Cardano have also seen drops in their prices within the last 24 hours. The overall market cap of the cryptocurrency market has also suffered a 3.26% decline today as a result of the White House Crypto Summit led by Donald Trump. Despite the US administration’s efforts to establish a Bitcoin strategic reserve, Bitcoin’s value has fallen below $90,000. Additionally, altcoins have also experienced a significant decrease in value.
Specifically, major altcoins like Ether, XRP, SOL, and Cardano’s ADA have witnessed declines of 3.12%, 8.82%, 4.72%, and 9.83% respectively within the last 24 hours. The overall market cap is currently around $2.83 trillion, with a 3.26% decrease today. The market sentiment, as indicated by the crypto fear and greed index, is at 25, reflecting a “Fear” sentiment among investors.
The decline in the crypto market follows the White House Crypto Summit, which took place as scheduled under the administration of Donald Trump. Crypto executives and industry leaders met with government officials and the Presidential Working Group. Trump once again emphasized that the US would become a Bitcoin superpower.
In a recent 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 a part of the crypto strategic reserve. As a result, Bitcoin and the mentioned altcoins experienced a significant surge in their market prices.”
During the White House Crypto Summit, an official mentioned that Donald Trump cited cryptocurrencies merely as an example. In their words:
“Recently, Trump signed another executive order to further the creation of the crypto strategic reserve, focused solely on Bitcoin. 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 companies are taking advantage of this opportunity to file for initial public offerings (IPOs) under the crypto-friendly US government.
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