- If Trump’s crypto summit proves successful, analysts predict Bitcoin’s price could skyrocket to $100,000.
- Traders are looking for updates on Bitcoin’s reserve and the crypto stockpile at today’s summit.
Donald Trump’s crypto summit may trigger a price surge for Bitcoin, potentially reaching $100,000.
This perspective comes from Ryan Lee, the lead analyst at Bitget Research.
Lee noted that clear regulatory cues from the White House meeting could significantly benefit Bitcoin and other cryptocurrencies.
“A successful summit could allow Bitcoin to reclaim that $100,000 mark, with other assets like ETH, XRP, and Solana also experiencing substantial increases, reinforcing the U.S. position in the global crypto landscape,” Lee stated.
Nevertheless, he warned that “if no concrete actions are taken, it could leave investors feeling disillusioned, highlighting the event’s high stakes.”
These remarks surfaced just hours before the much-anticipated summit amid a backdrop of turbulent markets.
Traders are betting that Bitcoin’s price could reach $120,000 by the end of March, with analysts like Maelstrom’s Arthur Hayes suggesting it might even surpass $200,000 by 2025’s end.
Bitcoin’s recent decline
On Friday, Bitcoin saw a decrease as traders processed the specifics of Trump’s executive order aimed at creating a national crypto stockpile, which fell short of expectations.
While Trump’s order establishes a strategic reserve for Bitcoin and other digital assets, it does not involve immediate purchases—only dealing with seized cryptocurrencies.
This outcome dashed investor expectations of a massive buying wave and, paired with uncertainties regarding Trump’s foreign policies, led to a sell-off that drove Bitcoin’s value down.
Bitcoin hit a low of $84,800 before bouncing back to $89,000 just before the crypto summit.
Despite the stagnant price trajectory, the change in US policy is significant.
“In just over a year, we’ve transitioned from having no spot Bitcoin ETF to establishing a strategic Bitcoin reserve,” stated Nate Geraci, President of ETFStore.
When Trump initially suggested the reserve in Nashville last year, traders speculated it would lead to a massive influx of US purchases, igniting a prolonged market rally.
While some view the reserve as a legitimizing step for Bitcoin as a strategic asset, others criticized the government’s involvement, suggesting it could morph into a quasi-state-run crypto hedge fund.
Details from the crypto summit
In addition to Bitcoin, the executive order also addressed a wider digital asset stockpile.
The executive order did not specify other digital assets, but Trump mentioned earlier this week his interest in including Ethereum, Solana, Cardano, and XRP.
Following the government’s affirmation that it wouldn’t be purchasing these assets in the near future, all these tokens experienced significant declines.
“The government had all these L1 founders brought to DC to pay their respects, only to announce the night before that they wouldn’t be purchasing their assets after all,” tweeted Nic Carter, co-founder and partner at Castle Island Ventures.
Ethereum dropped 4.4%, Solana fell 3.2%, Cardano decreased by 7.9%, and XRP declined by 1.4% as traders adjusted their expectations of a US-driven buying surge.
However, most of them have since recovered their losses and are currently trading flat as those involved in the projects converge in Washington for insights.
Crypto market updates
- Bitcoin has decreased by 1.7% in the last 24 hours and is currently priced at $88,920.
- Ethereum has fallen by 4.1% during the same time frame, now trading at $2,180.
In the headlines
Kyle Baird is DL News’ Weekend Editor. Have a tip? Reach out via [email protected].
