The past 24 hours have brought another wave of volatility to the cryptocurrency market, this time dealing a blow to the bulls. Bitcoin (BTC), for instance, briefly dropped below $85,500.
Altcoins have fared no better, with several major ones experiencing even steeper declines than the leading cryptocurrency.
BTC Slips Into the Red Again
As anticipated, the highly awaited crypto summit at the White House on March 7 stirred turbulence in the digital asset market. While some speculated that the event might trigger a Bitcoin (BTC) price surge, the cryptocurrency once again demonstrated its unpredictable nature.
US President Donald Trump hosted the summit, bringing together prominent crypto executives and key members of his administration. He reiterated his commitment to establishing a Strategic Bitcoin Reserve and emphasized America’s dedication to a “never sell your BTC” approach.
The event underscored the administration’s serious stance on the crypto industry. However, despite the optimistic remarks, Bitcoin tumbled to $85,300 just hours after the summit. Notably, some analysts had previously cautioned that the gathering might result in a “sell the news” effect.
In the following timeframe, BTC slightly rebounded to the current $86,100 (per CoinGecko’s data), representing a 2.5% decline on a daily scale.
The asset’s market capitalization has depreciated to roughly $1.7 trillion, while its dominance against the altcoins is around 58.2%.
Altcoins Take a Hit
Several leading altcoins have suffered even steeper declines than Bitcoin. Ripple (XRP) has dropped 5.5% to $2.35, Cardano (ADA) has fallen 6% to $0.81, and Chainlink (LINK) has seen a 9% decline.
Other cryptocurrencies facing significant losses include Hedera (HBAR), Sui (SUI), and Stellar (XLM), among others. However, a few assets have managed to defy the trend, with TRON (TRX), Pi Network (PI), and Litecoin (LTC) posting slight gains.
The overall cryptocurrency market capitalization has shrunk to approximately $2.93 trillion, marking a 4% decline for the day.
