Cryptocurrency prices moved slightly from the inaugural Crypto Summit at the White House.
Bitcoin (BTC) rose to 90,200%, while popular altcoins such as Athena, Movement (Move), and Hedra Hashgraph (Hbar) jumped over 10%. Most of these coins have ralled with double points from their lowest levels this month.
The Crypto Summit comes a day later when Donald Trump signed an executive order creating a strategic bitcoin reserve. The order also created a US digital asset stockpil, which would manage other coins. Some of the top coins incorporated in stockpile are Solana (Sol), Ripple (XRP), and Cardano (ADA).
The upcoming crypto summit will be the head of some of the biggest players in the Crypto industry. Some of the most notable confirmed guests are Riple’s Brad Garlinghouse, Michael Sayler of Strategy, JP Richardson of Exodus and Brian Armstrong of Coinbase.
The summit will allow these officers to share their experience and regulator recommendations to the Trump administration. The Trump administration has already done a lot for the industry, with the SEC, cases against many companies such as Uniswap, Gemini, Crackon and Openia have ended.
Ideally, such a summit will increase the prices of high crypto due to the importance of the US government and friendly rules.
Crypto can be crashed after Trump Summit
However, there is a risk that bitcoin and other cryptocurrency will crash after peak. This is due to a situation known as buying rumors, selling news. In this, investors usually buy a property after a major event and then dump it when it happens.
A good example of this is what happened when Donald Trump won the election. Cryptocurrency then increased and then eradicated these benefits when he was inaugurated in January.
Similarly, the ethrium price proceeded with the spot ETF approval in September last year and then fell.
A possible reason for the subsequent dip of the summit is that there will be no new news from the summit. In addition, Trump has already signed its executive orders on the bitcoin reserve and crypto stockpile, and the SEC has begun to improve the regulatory environment.
Additionally, there are still important macro-related risks, including the tariffs of Donald Trump on the largest American trading partners.
