"The U.S. Will Become the World's Crypto Center"

U.S. President Donald Trump once again emphasized virtual assets. However, the market was disappointed as Trump repeated the same thing every time.

output: "The U.S. Is Pivotal in the Global Crypto Center"

U.S. President Donald Trump highlighted the importance of virtual assets again.

The market reacted negatively as Trump's message was largely anticipated, with Bitcoin dropping 3%. It had seen a significant rise the previous day, fueled by the Federal Open Market Committee (FOMC) minutes, but now fell to the $84,000 level.

"We positively view the recent changes in the regulatory stance on the virtual asset industry," Trump stated at Blockworks' Digital Asset Summit on 11th Street in Manhattan on the 20th (local time). He further remarked that blockchain technology will enhance the financial system and promote economic growth.

The speech was delivered through pre-recorded video messages.

He also emphasized the role of dollar-based stablecoins in maintaining the hegemony of the U.S. dollar.

Bitcoin had reached $86,500 ahead of Trump's speech, but as the address began, the cryptocurrency plunged by about 3%, settling at $83,655.

It has since recovered slightly and remains at the $84,000 level.

In the European market, concerns over Eurozone growth raised the possibility of stagflation—both inflation and economic downturn—while the decline of the New York Stock Exchange due to continued tariff uncertainty also contributed to Bitcoin's fall.

There were also reports of suspected listing of Chinese cryptocurrency media startup Bit.

Upbeat immediately posted a rebuttal.

Crypto media WuBlockchain reported the previous day that several projects paid huge brokerage fees for token listing on Upbit and Bithumb, Korea's largest cryptocurrency exchanges.

The fees are reportedly around $10 million and $2 million, respectively, and some projects offered brokerage fees equivalent to 3% to 5% of the total token amount, which eventually led to a successful listing on Upbit.

In response, Upbit requested in a notice to clearly disclose the list of virtual asset projects that have paid the aforementioned brokerage fees and provide specific evidence and data on them to actively cooperate and ensure that our facts are confirmed and investigated smoothly.