This is the reason the cryptocurrency market declined after Trump's White House summit
At the White House cryptocurrency summit chaired by President Donald Trump ended without any breakthrough announcements as many had predicted, including more clarity on the U.S. strategic cryptocurrency reserve fund. Instead of issuing policies to boost the market that traders had anticipated, the summit only took cautious steps towards regulation.
As expectations dwindled, the cryptocurrency market reacted swiftly. Bitcoin remains around $85,000, major altcoins like XRP, ADA, and SOL have been negatively impacted. Investors who were prepared for a price surge have been disappointed.
Altcoins decline as market expectations fall short
Altcoins suffered greater losses than Bitcoin following the White House cryptocurrency summit. Many traders were optimistic about Trump's supportive stance on cryptocurrency and hoped for a major policy shift, such as a government-backed cryptocurrency reserve fund for leading altcoins. Instead, the summit focused on plans to issue legislation on stablecoins in August and committed to easing regulations.
Although seen as a positive step, this was not the major news that impacted the market as many had hoped.
The Bitcoin reserve fund plan was announced, but investors wanted more
