Bitcoin Struggles to Rebound After Brutal 15% Drop—Even White House Crypto Summit Fails to Impress
BTC touches $80,000, Ethereum tumbles below $2,000, and the much-hyped crypto summit delivers little substance
Bitcoin is fighting to recover after a rough week that saw the leading cryptocurrency shed 15% of its value. As of Monday morning, BTC was hovering around $82,000, barely bouncing off a session low of $80,000 as traders continued their sell-off. Despite hopes that the first-ever White House crypto summit would inject optimism into the market, the event fell flat, failing to spark a meaningful rally.
Crypto Summit: All Talk, No Action
The crypto world had high hopes for the White House's first formal gathering of digital asset leaders. Hosted by the Trump administration, the event featured key industry figures like Coinbase CEO Brian Armstrong and MicroStrategy's Michael Saylor. David Sacks, the White House AI and crypto czar, was expected to outline a clear path forward for the industry.
However, instead of sweeping regulatory reforms or major policy shifts, attendees were met with little more than praise for the president’s leadership. "Thank you, Mr. President, we’re all here because of your leadership, your vision, and your generosity," Sacks stated—offering no concrete plans or decisions. The lack of substance left investors unimpressed, reinforcing the notion that the event was a "nothing burger."
Ethereum Crashes Below $2,000, Crypto Market Shrinks
Bitcoin wasn’t the only digital asset struggling. Ethereum plunged below $2,000 early Monday, marking its lowest price since November 2023. This drop means that anyone who bought ETH in 2024 is now holding at a loss.
The broader crypto market is feeling the pressure, with the total market capitalization slipping to $2.7 trillion. Traders are now bracing for a volatile week ahead, as crucial U.S. economic data could further shake up the space.
What’s Next? Eyes on Inflation Data
Looking ahead, all eyes are on Wednesday’s U.S. inflation report for February, which is expected to show a 2.9% rise in consumer prices. Given crypto's sensitivity to macroeconomic factors, any surprises in the inflation numbers could send ripples through the market.
With Bitcoin struggling to find its footing and Ethereum hitting fresh lows, the crypto world is gearing up for another rollercoaster week. Will digital assets bounce back, or is more pain ahead?
