Trump continued to deliver pro-crypto remarks at the Blockworks Digital Asset Summit in New York. However, contrary to expectations, BTC, ETH, and XRP saw significant declines instead of a price surge.
Trump’s speech at Blockworks Digital Assets Summit
Yesterday, President Donald Trump officially spoke at the Blockworks Digital Asset Summit in New York, to cryptocurrency enthusiasts. In his remarks, Trump declared that the U.S. is poised to “dominate crypto and the next generation of financial technologies”.
Trump detailed several key initiatives his administration has undertaken to support this ambitious goal towards the crypto market. Some key moves are Trump’s executive order establishing the Strategic Bitcoin Reserve and his speech at the White House Digital Asset Summit. Further, Trump stated that this is his effort to change the Biden administration’s “regulatory war on crypto and Bitcoin.”
Source: The New York Times
Importantly, during this summit, he emphasized building the right legal framework and facilitating digital asset activities in the U.S. His work in the crypto space could revolutionize the country’s banking and payment systems and enhance privacy, safety, and security. A key element of his strategy involves leveraging dollar-backed stablecoins, which he said would reinforce and expand the global dominance of the U.S. dollar.
The crypto community is buzzing after the news
Following Trump’s latest speech, contrary to expectations, top coins like BTC BTC, ETH ETH, and XRP XRP turned red despite the seemingly positive news. BTC dropped from nearly $87K to $83K, ETH plunged below $2,000, and XRP fell 3.7%, marking a significant decline across all three top coins.
Notably, this isn’t the first time this has happened. On March 7, when Trump addressed the Strategic Reserve Fund, announcing plans to increase BTC holdings, Bitcoin’s price and market cap still dropped 5%, falling below $85,000.
Soucre: Crypto Bubbles
Since Trump took office, alongside a series of confusing tariff policies, the crypto market has remained in the red, with many top coins experiencing sharp declines.
This reflects the market’s instability and the “sell the news” mentality. It happens when investors heavily buy in anticipation of good news but sell off after announcements, causing sharp price drops. It also highlights how sensitive and reactive the crypto market is to political and macroeconomic uncertainties.
Learn more: Full recap of Trump’s Speech at Congress Today
