Bitcoin (BTC) Price Tanks After Disappointing White House Crypto Summit

Bitcoin has been having a hard time staying above $84,000, even with all the excitement surrounding the first-ever White House Crypto Summit

The first-ever White House Crypto Summit was a big moment for the crypto community. It brought together some of the biggest names in the industry and in government for a wide-ranging discussion about the future of digital assets.

The summit was called by U.S. President Donald Trump and was held on March 7. It was attended by a diverse group of people, from crypto executives like Changpeng Zhao and Ben McAdam to key administration officials like Steven Mnuchin and Gary Gensler. They covered a broad agenda, touching on topics like stablecoins, DeFi, and a potential U.S. crypto strategy.

But one of the main talking points going into the event was the possibility of the administration announcing plans to buy more crypto assets to add to the national treasury. This had many in the industry excited, especially as Bitcoin had been seen recovering from lows of $83,000 last week, to even hit highs of $92,000 ahead of the summit.

However, it seems that the crypto industry might have gotten ahead of itself. Rather than seeing an administration push to buy more crypto in the wake of the summit, the market is instead in a sour mood.

Bitcoin price today, March 10, saw the world’s leading cryptocurrency fall another 3% to trade at $87,000 at the time of writing. With the latest leg down, the crypto behemoth ended the week nearly 7% in the red.

The broader crypto market also saw no respite, with the total market cap value now falling to $2.76 trillion, down 2.77% in the last 24 hours.

Bitcoin’s own market cap value is now at $1.65 trillion, while its trading volume over the past 24 hours has seen a surge to $18.45 billion. Meanwhile, Ethereum and other major cryptocurrencies are also seen trading lower in price.

Crypto Summit a bust for investors?The White House Crypto Summit was one of the most eagerly awaited events for the crypto community. It brought together key industry figures and government officials, with a lot of discussion revolving around a strategic crypto reserve.

Early buzz around the event had focused on the possibility of the administration announcing plans to buy more crypto assets to add to the national treasury. However, that speculation quickly faded as it became clear that wasn’t on the agenda.

Instead, the crypto summit saw discussion focused on a broad range of topics. Those included the role of stablecoins in the payments landscape, the potential of DeFi to revolutionize financial services, and the need for a comprehensive U.S. strategy on crypto.

But despite the wide-ranging topics and key figures present, the crypto summit ultimately fizzled out without any major announcements or developments. This left many investors feeling disappointed, as they had been anticipating some big news from the event.

In other recent industry news, crypto exchange Binance announced it would be shutting down its Binance Connect service. The move comes after the service was launched in 2022 to allow institutions to manage digital assets.