Why were investors disappointed in the first-ever White House crypto summit?
While the meeting marked a significant shift from the stringent oversight seen during President Joe Biden’s tenure, many in the industry expressed disappointment over the lack of concrete commitments from the administration, as per a report by NBC News.
Muted Market Response to Crypto Reserve Announcement
Investor sentiment remained lukewarm following the summit, with Bitcoin prices dipping by 3% in late-afternoon trading, closing the week nearly 7% lower at $87,000.
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The downturn followed an announcement by David Sacks, the administration’s “crypto czar,” that President Donald Trump had signed an order establishing a strategic Bitcoin reserve.
The reserve, however, would only consist of Bitcoin holdings already seized by federal law enforcement agencies, along with a separate “digital asset stockpile” for other cryptocurrencies like Ethereum and Ripple, as per a report by NBC.
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