Despite the fact that U.S. President Donald Trump presided over the first 'Digital Asset Summit', Bitcoin fell on the 7th (local time).
As of 8:31 pm Eastern Time (5:31 pm Pacific Time) on the same day, the price of one Bitcoin was traded at $85,492. It fell 1.87% from 24 hours earlier, but it fell more than 6% compared to the time it rose to the 91,000 dollar range earlier that day.
The movement of Bitcoin on that day was similar to the previous day. The previous day, Bitcoin moved around the $90,000 level, but at one point fell below the $85,000 level even after news that President Trump had signed an executive order to strategically stockpile Bitcoin and other cryptocurrencies.
It is analyzed that the market was disappointed because the U.S. government announced that it would not purchase cryptocurrencies directly with taxes, although it would pursue the strategic stockpiling of Bitcoin.
Bitcoin seemed to rebound briefly due to expectations for the 'Digital Asset Summit' held that day.
The meeting was attended by a large number of people, including Brian Armstrong, CEO of the largest cryptocurrency exchange Coinbase in the U.S., Garlinghouse, CEO of XRP (Ripple), and Jack Witcoff, co-founder of the cryptocurrency company World Liberty Financial founded by Trump.
President Trump emphasized at the meeting that the U.S. government's position on the cryptocurrency industry has changed completely, and promised full-fledged support.
However, as the summit failed to meet market expectations again, the price fell. On the 2nd, President Trump said that XRP (Ripple), SOL (Solana) and ADA (Cardano) would be included as strategic stockpile cryptocurrencies along with Bitcoin and Ethereum, but there was no mention of this at the summit that day.
As a result, Ethereum, the second largest market cap, rose to the $2,250 range but fell to the $2,120 range, and XRP also fell below $2.4 after exceeding $2.5, and other altcoins also showed a generally weak trend.
- Reporter Jungsub Shin
- jseop@sedaily.com
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