Bitcoin has been having a hard time staying above $84,000, even with all the excitement surrounding the first-ever White House Crypto Summit, which U.S. President Donald Trump hosted on March 7. People in the crypto world were really hoping the event would kick off a big price increase, especially since Bitcoin had recovered from a low of $83,000 last week and even reached $92,000 before the summit.
But things didn’t turn out as expected. Instead of rising, Bitcoin’s price went down, falling 3% on Friday and ending the week nearly 7% lower at $87,000.
The wider crypto market hasn’t done much better. The total market cap value has dropped to $2.76 trillion, down 2.77% in the last 24 hours. Bitcoin’s own market value is now at $1.65 trillion, while its trading volume over the past 24 hours has jumped to $18.45 billion. Ethereum and other big cryptocurrencies are also seeing their prices go down.
The summit itself was one of the most eagerly awaited events for the crypto community. It brought together important industry figures and policymakers, with a lot of discussion about a strategic crypto reserve. That early buzz faded fast, though, when it became clear the administration wasn’t actually planning to buy more crypto assets. Instead of sparking a price surge, the market turned sour, leaving many investors feeling let down.
Also Read: Crypto Summit Left Investors Wanting More Than Just Words
