Trump’s first crypto summit comes on the heels of $1 trillion market rout

The crypto marketplace is licking its wounds aft a $1.2 trillion wipeout.

Over the past month, integer assets person steadily bled value, but the downturn accelerated this past week arsenic Bitcoin fell beneath $79,000 and Ethereum skidded different 21%.

Now, President Donald Trump is stepping in.

On March 7, the White House volition big the first-ever crypto summit, a gathering of manufacture leaders, task capitalists, and regulators.

The event volition beryllium led by White House artificial quality and crypto czar David Sacks, on with Bo Hines, enforcement manager of the President’s Working Group connected Digital Assets.

The working group — established done an enforcement bid aboriginal successful Trump’s presidency — volition beryllium successful attendance.

Led by Sacks, it is expected to suggest a regulatory model governing the issuance and cognition of integer assets, including stablecoins.

The timing is hard to ignore.

Crypto markets surged successful December connected optimism that a Trump presidency would bring regulatory clarity and caller organization inflows.

Instead, ostentation fears, argumentation uncertainty, memecoins, and Trump’s threats of steep tariffs connected cardinal trading partners person sent investors moving for the exits.

Bitcoin has mislaid 25% of its worth since Trump’s inauguration, and sentiment has taken a crisp downturn.

“The Trump pump has been vaporized arsenic cryptocurrency markets participate utmost fearfulness mode,” said Petr Kozyakov, CEO of payments steadfast Mercuryo.

Industry figures are opening to question whether Trump’s policies are helping oregon hurting.

“With 1 manus helium giveth, and with the other, helium taketh away,” Unity Wallet COO James Toledano told DL News.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email astatine [email protected].