- Bitcoin has tumbled as much as 25% since Trump’s win.
- Trump will host the first crypto summit as markets enter “extreme fear.”
- The event will be led by David Sacks, with regulators and industry leaders.
The crypto market is licking its wounds after a $1.2 trillion wipeout.
Over the past month, digital assets have steadily bled value, but the downturn accelerated this past week as Bitcoin fell below $79,000 and Ethereum skidded another 21%.
Now, President Donald Trump is stepping in.
On March 7, the White House will host the first-ever crypto summit, a gathering of industry leaders, venture capitalists, and regulators.
The event will be led by White House artificial intelligence and crypto czar David Sacks, along with Bo Hines, executive director of the President’s Working Group on Digital Assets.
The working group — established through an executive order early in Trump’s presidency — will be in attendance.
Led by Sacks, it is expected to propose a regulatory framework governing the issuance and operation of digital assets, including stablecoins.
The timing is hard to ignore.
Crypto markets surged in December on optimism that a Trump presidency would bring regulatory clarity and fresh institutional inflows.
Instead, inflation fears, policy uncertainty, memecoins, and Trump’s threats of steep tariffs on key trading partners have sent investors running for the exits.
Bitcoin has lost 25% of its value since Trump’s inauguration, and sentiment has taken a sharp downturn.
“The Trump pump has been vaporized as cryptocurrency markets enter extreme fear mode,” said Petr Kozyakov, CEO of payments firm Mercuryo.
Industry figures are beginning to question whether Trump’s policies are helping or hurting.
“With one hand he giveth, and with the other, he taketh away,” Unity Wallet COO James Toledano told DL News.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
