The thunder was much ado about nothing and the market reaction was lukewarm.
Everyone was expecting this summit to bring something new, but it turned out to be a big disappointment. Trump proposed a new idea at the meeting, saying that he wanted to build a US digital asset library to store cryptocurrencies. It sounds very high-sounding, but when you ask carefully, there is no implementation plan or timetable, it is just empty talk!
Then US Treasury Secretary Scott Bessent also joined in the fun, saying that the government would no longer crack down on crypto assets. This sounds quite lenient, but when asked about specific policies, there were no details and it was impossible to point out the direction for the market.
As soon as the summit ended, the market immediately responded. The price of BTC fell below 86,000 USDT and now has fallen to 85,980.8 USDT, a 3.69% drop in 24 hours. This drop clearly shows that investors are too disappointed with the content of the summit, and that everyone is worried about the future of cryptocurrencies.
Looking at the liquidation data, in the past 4 hours, the entire network has liquidated $158 million, with long orders liquidated $97.1308 million and short orders liquidated $60.4324 million. This data shows that now that the market is volatile, investors are worried, and the slightest disturbance may trigger a large-scale liquidation.
Also, David Sacks, the White House encryption and AI director, said on the eve of the summit that the government has not yet considered selling gold to buy Bitcoin, but is willing to buy more Bitcoin in a budget-neutral way. After hearing this, the market did not feel that there was any substantial positive news, but instead felt that the government was not determined enough.
What’s worse, during the summit, there was news that the Odinfun platform might have been hacked. Many users said that they could not withdraw money, which pushed the blockchain security issue to the forefront. It is said that there are anomalies in the BTC deposits on the Odinfun platform. There is no corresponding hash record for 74 BTC on the main network, and the current deposit is only 88 BTC. It is obvious that the Odinfun platform is likely to be targeted by hackers.
Overall, this White House Crypto Summit was really disappointing. The content of the meeting did not bring any substantial benefits, but made the market more worried. Looking at the current market trend, it is really hard to be optimistic in the short term.
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