Bitcoin Tumbles to $82K as White House Crypto Summit Falls Flat
by Frederick Munawa
The cryptocurrency fell to a monthly low after markets were left unimpressed by Friday’s highly anticipated White House Crypto Summit.
Bitcoin Tumbles to $82K as White House Crypto Summit Falls Flat
White House Crypto Summit Fails to Trigger Bitcoin Bull Run
The Trump administration’s lackluster White House Crypto Summit was largely ceremonial in nature and appears to have contributed to a precipitous drop in the price of bitcoin (BTC).
Current Price and Market Metrics:
24-hour Price Range: Bitcoin traded between $80,559.45 and $86,471.13.
Current Value: As of the latest data from Coin Market Cap, BTC is priced at $82,418.30, marking a 2.93% decline over the past 24 hours and a 10.87% decrease over the past week.
Bitcoin Tumbles to $82K as White House Crypto Summit Falls Flat
(BTC price / Trading View)
Trading Volume: The 24-hour trading volume stands at $43.33 billion, a significant increase of 181.16%, likely due to post-weekend trading activities.
Market Capitalization: Bitcoin’s market cap is approximately $1.63 trillion, down 3.07% since yesterday.
BTC Dominance: According to TradingView, BTC’s market dominance is at 61.21%, a slight decrease of 0.07% over the past 24 hours.
Bitcoin Tumbles to $82K as White House Crypto Summit Falls Flat
(BTC Dominance / Trading View)
Futures Open Interest: Data from Coinglass indicates that total bitcoin futures open interest is $47.06 billion, reflecting a 2.54% decline in the last 24 hours.
Liquidations: Coinglass reports total liquidations of $97 million in the past 24 hours, with long positions accounting for $209.52 million and short positions for $54.89 million.
Recent Developments Influencing the Market:
President Donald Trump signed an executive order on Thursday, establishing a national strategic bitcoin reserve and digital asset stockpile.
Key leaders in the cryptocurrency industry were subsequently invited on Friday to the White House Crypto Summit. Many anticipated further details around the strategic bitcoin reserve would be revealed, but the event appeared merely ceremonial in nature, which some are saying could have contributed to the sharp price correction that left bitcoin at $82K.
Market Outlook:
The establishment of a strategic bitcoin reserve by the U.S. government signifies a growing institutional acceptance of cryptocurrencies. While the immediate market reaction has been negative, with bitcoin’s price declining, some analysts believe this move could enhance the U.S.’s standing in the crypto space and attract more institutional investors in the long term.
However, the lack of immediate, concrete policy changes and the broader economic concerns, such as potential recessions and trade tensions, continue to weigh on investor sentiment.
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