Bitcoin, Ether dip after Trump ends crypto summit with few surprises

Major tokens slumped aft President Donald Trump shared canned remarks astatine the White House’s highly-anticipated crypto acme Friday.

Bitcoin dropped much than 2% arsenic Trump addressed a country of astir 30 entrepreneurs, lawmakers, and medication officials, including Michael Saylor, the president of Strategy, Coinbase CEO Brian Armstrong, and Treasury Secretary Scott Bessent.

Ether, Solana, and XRP fell much than 2%, 3%, and 4%, respectively.

On Thursday, Trump signed an executive order to person $17 cardinal successful Bitcoin holdings into a “strategic reserve” and prohibit authorities agencies from selling that Bitcoin.

Never sell

“Unfortunately, successful caller years, the US authorities has foolishly sold tens of thousands of further Bitcoin that were worthy billions and billions of dollars had they not sold them,” Trump said.

“From this time on, America volition travel the regularisation that each Bitcoin knows precise well: ne'er merchantability your Bitcoin. That’s a small operation that they have. I don’t cognize if that’s close oregon not.”

Bessent said Trump’s enforcement bid would marque the US “a person among nations successful the integer plus strategy.”

“We usage this authorization to augment the assets broadside of the United States equilibrium sheet,” Bessent said.

Trump and different medication officials besides repeated a pledge to extremity “Operation Chokepoint 2.0,” an alleged attempt by the medication of president Joe Biden to unit the crypto manufacture offshore by cutting its entree to slope services.

To that end, the Office of the Comptroller of the Currency connected Friday published a letter stating crypto-asset custody, definite stablecoin activities, and information successful autarkic node verification networks specified arsenic distributed ledger are permissible for nationalist banks and national savings associations.”

But investors appeared to beryllium hoping for much from the White House’s first-ever crypto summit.

Aleks Gilbert is DL News’ New York-based DeFi correspondent. You tin scope him astatine [email protected].