Bitcoin continues to face resistance at the $84,000 mark, despite heightened anticipation surrounding the first-ever White House Crypto Summit, hosted by U.S. President Donald Trump on March 7. Many in the crypto community had expected the event to trigger a significant price rally, especially after Bitcoin rebounded from a recent low of $83,000 and briefly surged to $92,000 ahead of the summit.
However, market movements did not align with those expectations. Instead of gaining momentum, Bitcoin saw a 3% decline on Friday, closing the week nearly 7% lower at $87,000.
Crypto Market Decline
The broader cryptocurrency market has also experienced a downturn. The total market capitalization has dropped to $2.76 trillion, reflecting a 2.77% decline in the last 24 hours. Bitcoin’s own market value now stands at $1.65 trillion, with 24-hour trading volume climbing to $18.45 billion. Ethereum and other major cryptocurrencies have followed a similar downward trajectory.
Crypto Summit Disappointment
The White House Crypto Summit was one of the most highly anticipated events in the industry, bringing together key stakeholders and policymakers to discuss the future of digital assets. A major talking point was the idea of a strategic crypto reserve. However, initial optimism faded quickly when it became apparent that the administration had no immediate plans to acquire additional crypto holdings. Rather than fueling a bullish breakout, the market reaction was largely negative, leaving investors disappointed.
As Bitcoin struggles to find stability, market participants remain cautious, watching for potential catalysts that could drive the next major price movement.
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