Bitcoin (BTC) rose to $85,000, 8.5% above its lowest level this week, while the total market cap of all cryptocurrencies rose to $2.8 trillion.
President Donald Trump is set to host the inaugural crypto summit next Friday. The summit will likely feature officials from the Treasury Department and a team from the crypto and AI office that David Sacks and Bo Hines lead. Trump will likely discuss his plans for a U.S. Bitcoin reserve and how he intends to use blockchain technology to enhance government efficiency and reduce costs.
The administration is currently evaluating the potential of crypto and AI to drive economic growth and technological advancement. Trump's administration has been lukewarm towards crypto, but the president himself has expressed strong support for Bitcoin and other digital currencies on several occasions.
Top leaders in the crypto industry are expected to attend the summit. This includes heads of exchanges like Coinbase, Gemini, and Kraken. Most of these leaders, including Tyler and Cameron Winklevoss, were among the top Trump backers during the campaign.
Other potential attendees include leaders of popular made-in-the-USA cryptocurrencies, such as Cardano's Charles Hoskinson, Stellar's Jed McCaleb, Ripple's Brad Garlinghouse, and Ondo Finance's Nathan Allman.
Elon Musk, who heads the Department of Government Efficiency or DOGE, will likely be present. He is a known crypto enthusiast and Tesla holds over 11,500 Bitcoins, valued at over $975 million. Moreover, Musk is examining how the U.S. government can leverage blockchain technology to cut costs.
The U.S. Securities and Exchange Commission has terminated several litigations since Gary Gensler stepped down as chair. This includes cases against companies like Uniswap, Coinbase, and Gemini.
As Trump deliberates a U.S. Bitcoin reserve, there is a possibility that Bitcoin and other altcoins could rally in anticipation of this summit.
Despite Trump's pro-crypto stance, some of his policies may be contributing to the recent weakness in the market. Notably, Trump's tariffs on American imports are a subject of contention, with critics arguing that they will lead to higher inflation and market volatility.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
