Bitcoin Drops Ahead of Trump’s White House Crypto Summit

The cryptocurrency market volatility persisted on Thursday ahead of President Donald Trump’s White House Crypto Summit.

Bitcoin (BTC) dropped 1% in the past 24 hours, trading at $88,000, while Ethereum (ETH) was flat at $2,213. XRP recorded a 3.5% gain, currently trading at $2.57, and Solana (SOL) rose slightly to $144, according to CoinGecko.

The cryptocurrency market plunged by more than 2% over the past day, bringing its total market capitalization to $3.01 trillion. In this time frame, around 91,000 traders were liquidated for a total of $273 million. BTC accounted for $108 million in liquidations, while ETH followed with $44 million, according to CoinGlass data.

Heightened Volatility

Experts attribute the volatility in the cryptocurrency market to a combination of shifting market sentiment and the uncertainty surrounding upcoming regulatory developments.

“Bitcoin and the broader crypto market continue to experience volatility as the asset failed to remain near its high reached earlier in the year,” said Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade. He added that the cryptocurrency has seen significant swings for two consecutive weeks as sentiment shifts.

“While talk of a crypto reserve in the US could support the market, the lack of details on the proposal could limit the upside potential,” Chrysikos explained. However, he emphasized that new developments in this area could help the market recover.

Looking ahead, Chrysikos said the White House’s upcoming crypto summit could provide an opportunity to clarify regulatory frameworks and bring more stability to the market. “However, a lack of direction could deepen uncertainty and volatility,” he noted.

Crypto Summit

The White House’s upcoming Crypto Summit, set for Friday at 1:30 pm EST, follows President Trump’s establishment of a Crypto Council and a recent executive order aimed at strengthening the U.S. digital asset industry.

The summit, led by the White House’s AI and crypto czar David Sacks, is expected to cover key regulatory developments, with some speculating that an official U.S. Strategic Bitcoin Reserve could be announced.

Industry leaders, including Coinbase CEO Brian Armstrong and Bitcoin superbull Michael Saylor, are among those who plan to attend.