Summary
- The report stated that the U.S. government announced strategic reserves of Bitcoin but disappointed the market with news that it would not purchase cryptocurrencies with tax money.
- It revealed that despite a temporary rebound due to expectations for the 'Digital Asset Summit' presided over by President Trump, Bitcoin prices fell as the meeting results failed to meet expectations.
- The report mentioned that although it was announced that XRP (Ripple), SOL (Solana), and ADA (Cardano) would be included as strategic reserve digital assets, there was no mention of this at the summit, causing altcoins to show weakness.
Despite U.S. President Donald Trump presiding over the first 'Digital Asset Summit' on the 7th (local time) and forecasting full-scale support, cryptocurrencies continue to struggle with a downward trend.
As of 8:31 PM Eastern Time (5:31 PM Pacific Time) that day, Bitcoin was trading at $85,492 per coin.
This represents a 1.87% decrease from 24 hours earlier, but compared to when it reached the $91,000 range earlier in the day, it has fallen more than 6%.
Bitcoin's movement that day showed a pattern similar to the previous day.
The day before, Bitcoin had been moving around the $90,000 mark, but at one point fell below the $85,000 level despite news that President Trump had signed an executive order to strategically stockpile Bitcoin and other cryptocurrencies.
The U.S. government's announcement that it would pursue strategic reserves of Bitcoin but would not use tax money to purchase cryptocurrencies disappointed the market, which had expected direct government purchases.
However, Bitcoin managed to rebound. This was due to expectations for the 'Digital Asset Summit' held that day.
The meeting raised expectations with the participation of major figures including Coinbase CEO Brian Armstrong, XRP (Ripple) CEO Garling House, and World Liberty Financial co-founder Jack Witkoff from the cryptocurrency company established by Trump.
At the meeting, President Trump emphasized that the U.S. government's stance on the cryptocurrency industry had completely changed and predicted full-scale support.
However, as the summit once again failed to meet market expectations, prices turned downward.
On the 2nd, President Trump had stated that strategic reserve digital assets would include "XRP (Ripple), SOL (Solana), and ADA (Cardano)" along with Bitcoin and Ethereum, but there was no mention of this at the summit.
As a result, Ethereum, the second-largest cryptocurrency by market cap, rose to the $2,250 range before falling to the $2,120 range. XRP also exceeded $2.5 before falling below $2.4 after the summit, with altcoins uniformly showing weakness.
Reporter Kim Hyun-kyung khkkim@wowtv.co.kr
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
