White House to host first cryptocurrency summit: A spark for another Bitcoin rally?
A mobile phone screen displays U.S. President Donald Trump's X account in front of Bitcoin's logo in Ankara, Türkiye, on Jan. 21, 2025. (AA Photo)
While the cryptocurrency market has been facing the largest retreat of its all-time, the White House is preparing to host its first cryptocurrency summit next Friday (Mar. 7).
According to the White House Artificial Intelligence (AI) and crypto czar David Sacks’ post on X, U.S. President Donald Trump will deliver remarks at the event.
The summit will bring together prominent founders, CEOs, and investors from the crypto industry, alongside members of the president’s Working Group on Digital Assets, a group composed of the heads of several federal agencies.
The event will be chaired by Sacks and administered by the Working Group’s Executive Director, Bo Hines.
Is market gearing up for another Bitcoin rally?
The White House meeting comes amid the largest wave of global cryptocurrency sell-offs, with massive losses, particularly affecting Bitcoin.
Last week saw the most significant liquidation in the global cryptocurrency market, as a widespread sell-off drove total market capitalization down by 13%, according to CoinGecko data.
Bitcoin, the world’s largest and most valuable digital asset, fell below the $80,000 mark, marking a decline of over 27% from its peak on Jan. 20, ahead of Trump’s inauguration ceremony.
According to analysts, the summit will focus on cryptocurrency regulations and mass adoption rather than the widely expected introduction of a national strategic reserve, a pledge that Trump has repeatedly emphasized.
However, following the White House’s announcement of the summit, Bitcoin surged over 8% on Friday, climbing from $78,000 back to the $86,500 mark and fueling expectations toward another Trump rally.
On the other hand, recent data from cryptocurrency tracking platform CoinGlass shows that short-position interest has been leveraged around the $90,000 mark, particularly at the $96,000 level, where $6.29 billion worth of BTC is set to be liquidated over 30 days.
As of 9:00 a.m. GMT on Sunday, Bitcoin stands at $85,764, showing a slight daily gain, according to CoinMarketCap data.
