The White House Crypto Summit opened high and fell, Bitcoin was resilient, and altcoins were sold off
The much-anticipated White House Crypto Summit has come to an end, but the results disappointed cryptocurrency traders and failed to trigger the hot market expected by the market.
Compared with Bitcoin, altcoins such as Ripple, Cardano and SOL fell sharply. The results of the summit were relatively flat, with only a commitment to develop a stablecoin legislative framework by August and a guarantee of looser regulatory measures. These measures failed to ignite market sentiment as expected.
Trump's previous promise to establish a strategic reserve of cryptocurrencies including Bitcoin, Ethereum, Ripple, etc. triggered a massive rebound in cryptocurrencies as traders bet on a major policy shift. However, Sachs, the White House artificial intelligence and cryptocurrency adviser, clarified that the five cryptocurrencies mentioned by Trump were just examples, not formal commitments, which dampened market optimism.
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