Crypto Summit: Trump’s Empty Promise

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“Crypto Summit: Trump’s Empty Promise”

Crypto Summit: Trump’s Empty Promise

Oh, the drama! The crypto market is like a lovesick teenager, always expecting the world to revolve around it. And what did it get from the White House Crypto Summit? A big fat disappointment! 🤦‍♂️

BTC, XRP, SOL, and ADA took a tumble, down by ~27.0%, ~26.1%, ~30.0%, and ~12.2% respectively in the last 7 days. It’s like the market was expecting a miracle, but all it got was a bunch of empty promises. 🤥

White House Crypto Summit – Waiting For A Bigger Bang

Friday’s White House Crypto Summit was like a firework that fizzled out. A framework for stablecoin legislation was announced, but it was like a whisper in the wind. President Trump said he’d end the “war on crypto,” but it was just a bunch of hot air. 💨

The US Office of the Comptroller of the Currency (OCC) did ease its stance on how banks can engage with crypto, but it’s like a drop in the ocean. The market was expecting a tsunami, but all it got was a gentle wave. 🌊

Coinbase CEO Brian Armstrong was all smiles, saying his company will hire 1,000 new employees in the United States. But it’s like he’s living in a bubble. The market is like, “Uh, no, Brian, we’re not buying it.” 🙄

While these developments are exciting for crypto companies in the United States, it appears that a more friendly US regulatory environment under Trump has already been priced in. The market was expecting a bigger bang, but all it got was a whimper. 🎉

And to top it all off, Donald Trump signed an executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases. But it’s like he’s trying to put a Band-Aid on a bullet wound. The market is like, “Uh, no, Trump, that’s not how it works.” 🤦‍♂️

The summit was highly anticipated following posts by President Trump on Truth Social that suggested a crypto strategic reserve with BTC, ETH, XRP, SOL, and ADA would be created. But it was all just a bunch of hot air. The market was expecting a commitment, but all it got was a tease. 🤔

JP Morgan said cryptocurrency markets are likely to remain in a challenged position in the short term because of a lack of positive price drivers and skepticism surrounding whether Congress will approve a U.S. strategic reserve. And that’s the truth. The market is like, “Yeah, no kidding.” 🙄

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2025-03-10 09:35