XRP, ADA, SOL Decline After Underwhelming White House Crypto Summit
The White House Crypto Summit delivered limited outcomes for cryptocurrency traders, resulting in declines for altcoins like XRP, ADA, and SOL compared to Bitcoin.
- Expectations were high for announcements on a U.S. strategic crypto reserve focused on major altcoins.
- The summit provided a stablecoin legislation framework due by August and promised lighter regulations but did not meet market expectations.
- Trump criticized the sale of seized bitcoin, advocating for a “never sell your bitcoin” approach.
- XRP fell 3.5% to nearly $2.4, down nearly 20% from earlier highs; ADA dropped over 5%, and SOL shed 4% to around $138.
- Bitcoin traded at $86,000, down 2.5% but showing more resilience than altcoins.
- Trump's earlier statements had sparked significant price rallies, but subsequent clarifications dampened those hopes.
Analysts suggest that U.S. policies favoring Bitcoin could influence other countries to adopt similar strategies, potentially boosting institutional adoption and liquidity in decentralized finance.