Here’s what happened at the White House Crypto Summit.
- President Donald Trump said that the US government will not sell its Bitcoin.
- Trump announced that the Treasury and Commerce Departments will look for ways to acquire more Bitcoin for the strategic reserve.
During the White House Crypto Summit on Friday, President Donald Trump shared plans to create a better regulatory environment for cryptocurrency in the United States. He stated that the Treasury and Commerce Departments will work to end “Operation Choke Point 2.0.”
Bitcoin reserve and banking regulations stand out during the White House Crypto Summit.
The first White House Crypto Summit, which took place on Friday, brought together leaders from the crypto industry and federal agency heads.
Key officials, such as Crypto Czar David Sacks, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent, attended the roundtable event.
Regulatory agencies were also present, including Crypto Task Force head Hester Peirce and Commodity Futures Trading Commission (CFTC) acting Chair Caroline Pham.
President Donald Trump recently discussed cryptocurrency regulations and pointed out mistakes made by the previous administration. He promised to resolve issues preventing banks from managing their clients’ crypto assets. He specifically criticized a government initiative called “Operation Choke Point 2.0,” which he claims the Biden administration implemented. This initiative stops banks from providing custody and financial services for digital asset companies.
Trump stated that his administration would end Biden’s Operation Choke Point 2.0. After a summit, the Office of the Comptroller of the Currency (OCC) announced that banks can now custody various crypto assets, including stablecoins.
Trump also said the US government would not sell its Bitcoin holdings while he is in office. He mentioned that these Bitcoin holdings would be turned into a strategic reserve based on his executive order made earlier that day. “Last year, I promised to make America the Bitcoin superpower of the world, and we’re taking historic action to keep that promise,” Trump said at the summit.
Additionally, he instructed the Treasury and Commerce Departments to find new ways for the government to acquire more Bitcoin for its reserve. He also talked about making a separate stockpile for other digital assets. This stockpile could include other cryptocurrencies like Ether (ETH), XRP, Cardano (ADA), and Solana (SOL), which he had previously indicated would be part of the crypto reserve.
Will Trump’s Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin (BTC) remains under pressure and continues its decline, trading around $88,900 at the time of writing on Friday and falling over 5% this week. BTC uncertainty and volatility spikes liquidated $1.67 billion this week as the first-ever White House Crypto Summit occurs on Friday. AI and Crypto Czar David Sacks announced President Trump signed an executive order on Thursday to establish a strategic Bitcoin reserve.
Bitcoin volatility spikes liquidate $1.67 billion from the market.
Bitcoin’s price jumped nearly 10% on Sunday, reaching $95,000 after President Donald Trump announced a new US Crypto Strategic Reserve. However, this rally was short-lived. It quickly became a “buy the rumor, sell the news” situation. This market change caused many investors to sell, leading to over $812.5 million in losses on Monday and a total of $1.67 billion in losses by Friday, according to Coinglass data.
This week has been filled with uncertainty due to global tensions and stock market fluctuations. Bitcoin (BTC) dropped to $81,500 on Tuesday but recovered following geopolitical events such as Trump’s tense conversation with Ukrainian President Zelenskyy and the potential for new US tariffs.
XRP, ADA, SOL Fall Harder Than BTC as White House Crypto Summit Fails to Wow Traders
Expectations for significant cryptocurrencies were not met on Friday as the first presidential crypto summit concluded. The event promised new laws for stablecoins and a reduction in regulatory challenges.
The White House Crypto Summit on Friday did not meet the high expectations of cryptocurrency traders. Instead of gaining, many altcoins, like XRP, Cardano’s ADA, and Solana’s SOL, fell more sharply than the leading cryptocurrency, Bitcoin (BTC).
Investors hoped President Donald Trump would make bold announcements about a US strategic crypto reserve, including essential altcoins. However, the summit produced a more modest result: a plan for stablecoin laws by August, which promises a lighter regulatory approach. These moves did not excite the market as expected. Trump mentioned it was “foolish” for the federal government to sell so much of its seized bitcoin, stating that the country should follow the idea of “never sell your bitcoin.”
XRP dropped 3.5% in the past 24 hours to nearly $2.4, down from a high of $2.98 earlier in the week — marking a decline of almost 20% from its Sunday peak following Trump’s initial reserve announcement. Cardano’s ADA fell over 5% while Solana’s SOL shed 4% to hover around $138 as of Asian afternoon hours Saturday.
Bitcoin, by contrast, held up better, trading at $86,000—down 2.5% in the past 24 hours but showing relative resilience compared to the altcoin bloodbath.
The summit, chaired by Trump’s AI and Crypto Czar David Sacks, had been billed as a landmark event following the president’s earlier pledge to establish a US crypto strategic reserve, including BTC, ETH, XRP, SOL, and ADA.
Trump’s Sunday Truth Social posts had sparked a massive rally, with majors surging as much as 60% as traders bet on a transformative policy shift. However, Sacks’ clarification on Friday that Trump’s mention of five cryptocurrencies was merely illustrative — not a firm commitment — doused hopes of longer rallies.
Meanwhile, the embrace of Bitcoin could eventually see other countries act in lockstep, potentially acting as bullish catalysts in the coming months.
“The U.S.’ prioritization of Bitcoin as a reserve asset not only legitimizes its status as “digital gold’ but also sets a precedent that could accelerate regulatory frameworks and drive institutional adoption worldwide,” Vincent Chok, CEO of First Digital, told CoinDesk in an email. “This move will inevitably prompt a diverse range of responses from global regulators.’
Gold price slips beneath $2,910 as US yields rebound.
Gold prices fell on Friday as the US dollar recovered some losses, and US Treasury bond yields increased after releasing a jobs report. At that time, gold (XAU/USD) was trading at $2,907, down 0.11%.
The US Bureau of Labor Statistics (BLS) released the February Nonfarm Payrolls (NFP) report. This report indicated that the economy added more jobs than in January despite falling short of expectations. The data also showed that the Unemployment Rate stayed stable. Federal Reserve Governor Adriana Kugler stated that hiring remains above the level needed to maintain balance.
Kugler mentioned that uncertainty impacts the entire economy. She noted that monetary policy will stay the same and emphasized that wages are not driving inflation.
Fed Chair Jerome Powell recently confirmed that the central bank is not rushing to lower interest rates. He said bringing inflation down to 2% will be challenging and that the Fed should not overreact to a few data reports. According to Powell, the Fed is well-prepared with its monetary policy.
When asked about tariffs, Powell stated it’s unclear if they will cause inflation.
Easing tensions in global conflicts limited gains for gold prices, as there has been progress toward a ceasefire between Ukraine and Russia. In the Middle East, US President Trump is pushing Hamas to release hostages.
Central banks continue to buy gold. According to the World Gold Council (WGC), the People’s Bank of China (PBoC) increased its gold holdings by 10 tonnes in the first two months of 2025. However, the biggest buyer was the National Bank of Poland (NBP), which added 29 tonnes to its reserves. This was its largest purchase since June 2019, when it bought 95 tonnes.
XAU/USD technical outlook: Gold price drops, sellers eye $2,900
Gold prices are stable, stuck around $2,930 after rising more than 1.72% this month. The Relative Strength Index (RSI) stays positive, suggesting more upward movement.
Next, XAU/USD faces resistance at $2,950 and then again at the record high of $2,954. If prices break above that, they could reach $3,000. On the other hand, if prices drop below $2,900, they may fall to the February 28 low of $2,832 and then down to $2,800.
Conclusion
The White House Crypto Summit made essential steps toward regulating cryptocurrency in the United States, but it didn’t meet traders’ expectations. The market had mixed reactions, with Bitcoin losing gains and altcoins dropping. President Trump’s plan for a Bitcoin reserve is bold, but how it will affect the market is unclear. Global tensions still affect crypto assets, and it may take time to see the summit’s full effects. Ongoing discussions could lead to a more stable regulatory environment for cryptocurrencies in the US.
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