White House Crypto Summit Yields Mixed Reactions Among Investors

According to CoinDesk, the White House Crypto Summit concluded on Friday with outcomes that left cryptocurrency traders underwhelmed, particularly affecting altcoins such as XRP, Cardano’s ADA, and Solana’s SOL, which experienced sharper declines compared to bitcoin (BTC). Expectations were high among investors due to U.S. President Donald Trump’s supportive stance on cryptocurrencies, with many anticipating significant announcements regarding a U.S. strategic crypto reserve that would include major altcoins. However, the summit resulted in a more modest outcome, presenting a framework for stablecoin legislation expected before August and promises of a lighter regulatory approach. These measures did not generate the market excitement that many had hoped for. President Trump criticized the federal government’s previous decision to sell a substantial amount of seized bitcoin, suggesting a new informal policy of "never sell your bitcoin." In the aftermath, XRP saw a 3.5% drop over the past 24 hours, reaching nearly $2.4, a significant decrease from its earlier high of $2.98 earlier in the week. This marks a nearly 20% decline from its peak on Sunday following Trump’s initial reserve announcement. Cardano’s ADA experienced a decline of over 5%, while Solana’s SOL fell by 4%, settling around $138 during Asian afternoon hours on Saturday. In contrast, bitcoin demonstrated more stability, trading at $86,000, down 2.5% in the past 24 hours but showing relative resilience compared to the altcoin downturn. The summit, led by Trump’s AI & Crypto Czar David Sacks, was anticipated as a pivotal event following the president’s earlier commitment to establish a U.S. crypto strategic reserve, including BTC, ETH, XRP, SOL, and ADA. Trump’s posts on Truth Social on Sunday had previously triggered a significant rally, with major cryptocurrencies surging up to 60% as traders speculated on a transformative policy shift. However, Sacks clarified on Friday that Trump’s mention of five cryptocurrencies was illustrative rather than a definitive commitment, dampening hopes for sustained rallies. The focus on bitcoin could potentially influence other countries to follow suit, acting as a bullish catalyst in the coming months. Vincent Chok, CEO of First Digital, noted that the U.S. prioritization of bitcoin as a reserve asset not only legitimizes its status as "digital gold" but also sets a precedent that could accelerate regulatory frameworks and drive institutional adoption globally. This move is likely to prompt diverse responses from global regulators. For those aligned with U.S. policy, it could expedite the creation of their own national strategic stockpiles, inspire institutions to engage more with blockchain technology, increase liquidity in the decentralized finance market, and expand interest beyond bitcoin to other digital assets like stablecoins.