Ripple, Cardano Tokens Fall Deeper Than Bitcoin After Trump Summit
The recent White House Crypto Summit fell short of the high expectations set by cryptocurrency traders, leading to significant drops in altcoin values while Bitcoin remained relatively resilient. This summit, which took place on Friday, was heavily anticipated due to President Donald Trump’s historical pro-crypto sentiments and the promise of potential policies—including a U.S. strategic cryptocurrency reserve featuring various major altcoins such as XRP, ADA, and SOL.
However, instead of the sweeping reforms that traders had hoped for, the summit concluded with a more reserved agenda. Attendees received news on plans for stablecoin regulation by August, and assurances of a lighter regulatory approach were made, but this lackluster outcome did little to invigorate the market.
Trump’s prior comments had stirred excitement, particularly his assertion that the federal government had been “foolish” in selling off substantial amounts of seized Bitcoin, encapsulated in his phrase, “never sell your bitcoin.” Despite this bullish rhetoric, XRP tumbled 3.5% within 24 hours, hitting around $2.4—nearly 20% down from a previously reported high of $2.98 earlier in the week. Additionally, Cardano’s ADA experienced a more than 5% drop, while Solana’s SOL saw a decline of 4%, settling around $138.
In contrast, Bitcoin traded around $86,000, marking a modest decrease of 2.5% over the same period, showcasing its relatively stable performance amid the broader turbulence faced by altcoins.
This summit was chaired by David Sacks, who serves as Trump’s AI & Crypto Czar, and was billed as a significant moment in U.S. cryptocurrency policy-making. The initial enthusiasm surrounding Trump’s pledges seemed to be a catalyst for a soaring market—with some altcoins surging up to 60% in response to his earlier social media posts. However, Sacks’ clarification post-summit—that references to key cryptocurrencies were merely illustrative rather than definitive commitments—dampened hopes for extended bullish momentum.
Industry experts believe the U.S.’s focus on Bitcoin as a reserve asset could resonate globally, potentially influencing other nations to develop similar frameworks for digital asset adoption. Vincent Chok, CEO of First Digital, posited that this stronger emphasis on Bitcoin could prompt regulatory responses around the world. Such developments might encourage institutions to engage more with blockchain technology and expand liquidity within decentralized finance, ultimately drawing interest beyond Bitcoin itself to a wider array of digital assets, including stablecoins.
Overall, while the summit did not deliver the market-shaking announcements that many had anticipated, its implications for the future of crypto regulation could be profound, possibly leading to more robust frameworks and participation from institutional investors in the digital asset space.
