The Cryptomarkt has received a big blow today, with hefty falls for Bitcoin, Ethereum, XRP and other digital currency. The Bitcoin rate dropped by 3.5%, while Ethereum lost 3.8% in value. XRP and Cardano were hit even harder, with losses between 6% and 10%. Remarkably, these falls follow directly on a historic crypto summit in the White House.
Big names present at the Crypto Summit
The meeting, organized by President Donald Trump, brought together some of the biggest names in the crypto industry. Among those present were crypto Czar David Sacks, MicroSstratey founder Michael Saylor, Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse. The meeting was decided, and although there were great expectations among investors, hardly any big news came out.
Disappointment among investors
Crypto investors had hoped for positive regulations or other favorable announcements that could help the sector ahead. However, the absence of important developments or new policy measures caused disappointment, which directly translated into falling prices. Many traders speculated Voforaf on a positive effect of the meeting, but the reality was disappointing.
Trump signs a decree for strategic bitcoin reserve
Although little new came from the crypto summit, President Trump signed a decree yesterday that makes it possible to set up a strategic bitcoin reserve in the US. In the first instance this sounded great news, but on closer analysis it turned out that the US government will not buy a bitcoin that will cost taxpayers money.
The decree seems to be aimed at not selling existing Bitcoin possessions, instead of actively building a national stock. This was again disappointing with investors who had hoped for a more aggressive Bitcoin acquisition policy by the US government.
Market uncertainty
The combination of a disappointing summit and a strategic reserve without a direct impact on the demand for Bitcoin has not given the market a positive momentum. As a result, the cryptomarkt remains in uncertainty, while investors wonder what steps the US government will actually take in the coming months.
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Source: https://newsbit.nl/teleurstelling-na-trumps-crypto-summit-bitcoin-xrp-en-cardano-kelderen/
