The highly anticipated White House Crypto Summit concluded on Friday with underwhelming results for altcoin traders, leading to steeper declines for cryptocurrencies like XRP, Cardano’s ADA, and Solana’s SOL compared to Bitcoin (BTC).
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Investors had hoped for significant announcements, particularly regarding a U.S. strategic crypto reserve featuring major altcoins, based on President Donald Trump’s pro-crypto stance.
Instead, the summit focused on establishing a framework for stablecoin legislation by August and promises of relaxed regulations. These outcomes failed to ignite the market as expected. President Trump criticized the government’s previous sale of seized Bitcoin, emphasizing a “never sell your Bitcoin” philosophy.
XRP experienced a 3.5% drop in 24 hours, reaching $2.4 after a weekly high of $2.98—a nearly 20% decrease from its Sunday peak following the initial reserve announcement. Cardano’s ADA fell over 5%, and Solana’s SOL declined 4% to around $138 as of Saturday afternoon in Asia.
In contrast, Bitcoin demonstrated resilience, trading at $86,000—a 2.5% drop in 24 hours but outperforming altcoins.
Summit Outcomes Fall Short of Expectations
Chaired by David Sacks, Trump’s AI & Crypto Czar, the summit was initially perceived as a landmark event following the president’s commitment to a U.S. crypto strategic reserve encompassing BTC, ETH, XRP, SOL, and ADA. Trump’s Sunday posts on Truth Social triggered a substantial rally, with some cryptocurrencies surging up to 60% on expectations of a policy shift. However, Sacks clarified on Friday that the mention of specific cryptocurrencies was illustrative rather than a definitive commitment, dampening hopes for extended rallies.
Bitcoin’s Potential as a Global Reserve Asset
The U.S. prioritizing Bitcoin could influence other countries to follow suit, potentially acting as a bullish catalyst in the coming months.
“The U.S. recognizing Bitcoin as a reserve asset legitimizes its ‘digital gold’ status and sets a precedent for accelerated regulatory frameworks and global institutional adoption,” Vincent Chok, CEO of First Digital, stated. “This will undoubtedly trigger diverse responses from global regulators.”
Chok added, “Countries aligned with U.S. policy might establish their own national strategic stockpiles. This federal confidence could encourage institutional participation in blockchain technology, increasing liquidity in decentralized finance and broadening interest beyond Bitcoin to other digital assets like stablecoins.”
Conclusion: Uncertainty Remains in the Altcoin Market
While the summit provided some clarity on regulatory direction, it ultimately disappointed altcoin investors. Bitcoin’s relative stability reinforces its position as a leading cryptocurrency. The long-term impact of the summit on the broader cryptocurrency market remains to be seen, with global regulatory responses playing a crucial role. The future of altcoins within a U.S. strategic reserve, if established, remains uncertain.
