Bitcoin has plunged from $92K on Friday to $82K, wiping out over $100 billion in market capitalization as investors react negatively to last week’s White House Crypto Summit. The meeting, attended by top industry leaders, failed to deliver clear commitments from the Trump administration, leading to disappointment and uncertainty in the market.
📉 Fear Spreads as Wall Street Braces for Monday
- The summit aimed to discuss a shift in crypto regulations, moving away from the Biden administration’s stricter stance.
- However, Trump’s administration did not announce any concrete policy changes, dampening investor sentiment.
- With the Nasdaq already in a 10% correction, traders fear that Monday’s stock market session could bring further downside for crypto and tech stocks.
🔻 Bitcoin’s Next Support Levels?
- Market analysts suggest that BTC could test the $72K – $78K range, where significant volume support exists.
- Investors are pulling back from risk assets despite Fed Chair Jerome Powell’s optimistic tone last Friday.
🏛️ U.S. Crypto Reserve: What’s Actually Happening?
- Trump did not announce new Bitcoin purchases for the U.S. government. Instead, the reserve will store confiscated digital assets, including Bitcoin, Ethereum, Cardano, and XRP.
- The plan does not allocate taxpayer funds for crypto acquisitions, easing concerns about government spending.
💰 Crypto Industry’s Political Influence
- Data from the Federal Election Commission shows that crypto-related political action committees (PACs) invested over $245 million in Trump’s campaign.
- More than half of all political contributions in this cycle reportedly came from crypto-related firms.
🚀 Industry Wants More Than Just a ‘Digital Fort Knox’
- While the government won’t sell confiscated crypto randomly anymore, the industry had hoped for bolder moves, such as tax exemptions on crypto capital gains—which were denied.
- Bitwise, a major crypto asset manager, has expressed disappointment with the lack of stronger commitments from the administration.
📢 Will Bitcoin find support in the $72K–$78K zone? Stay tuned for updates as the market reacts to the latest developments!
