Bitcoin has had a tough time keeping above $84,000, despite the White House Crypto Summit, which was expected to boost crypto prices.
Bitcoin's Price Drop
Last week, Bitcoin reached $92,000, but after the summit, its price fell by 3%. By the end of the week, it had dropped nearly 7% to $87,000. This was unexpected for many market participants who hoped for a surge.
Overall Crypto Market Status
The total market cap value has dropped to $2.76 trillion, down 2.77% in the last 24 hours. Bitcoin’s own market value is now at $1.65 trillion, while its trading volume over the past 24 hours has jumped to $18.45 billion. Ethereum and other big cryptocurrencies are also seeing their prices go down.
Crypto Summit Outcomes
The White House Crypto Summit was one of the most eagerly awaited events for the crypto community. It included important discussions about a strategic crypto reserve. However, instead of sparking a price surge, the lack of clarity on buying crypto assets left many investors feeling disappointed.
The White House Crypto Summit did not meet the expectations for a boost in Bitcoin or other cryptocurrency prices. Market participants remain unsatisfied with the financial outcomes.
