XRP, ADA, SOL Fall Harder Than BTC as White House Crypto Summit Fails to Wow Traders

The highly anticipated White House Crypto Summit on Friday concluded with a whimper rather than a bang for cryptocurrency traders, causing altcoins such as XRP, Cardano’s ADA, and Solana’s SOL to experience steeper declines compared to the market leader Bitcoin (BTC).

Investors had set high expectations on President Donald Trump’s pro-crypto stance, hoping for significant announcements regarding a U.S. strategic crypto reserve that would prominently feature major altcoins. However, the summit presented a more subdued outcome: a framework for stablecoin legislation to be introduced before August and assurances of a lighter regulatory approach. Unfortunately, these developments failed to spark the market as anticipated.

Trump criticized the federal government for selling a significant portion of its seized Bitcoin, deeming it "foolish." He emphasized a colloquial rule of “never sell your Bitcoin.” XRP saw a 3.5% drop in the past 24 hours, reaching nearly $2.4 from a high of $2.98 earlier in the week — indicating a decline of almost 20% from its peak following Trump’s initial reserve announcement. Cardano’s ADA decreased by over 5%, while Solana’s SOL dipped by 4% to hover around $138 as of Saturday afternoon in Asia.

In contrast, Bitcoin remained relatively stable, trading at $86,000 with a 2.5% decrease in the past 24 hours, showing more resilience compared to the altcoin market turmoil.

The summit, led by Trump’s AI & Crypto Czar David Sacks, was anticipated as a significant event following the president’s earlier commitment to establish a U.S. crypto strategic reserve comprising BTC, ETH, XRP, SOL, and ADA. Trump’s social media posts on Sunday for Truth Social had triggered a substantial rally, with major cryptocurrencies surging up to 60% as traders speculated on a transformative policy change.

However, Sacks clarified on Friday that Trump’s mention of the five cryptocurrencies was merely illustrative and not a firm commitment, dampening hopes for prolonged rallies. The increasing acceptance of Bitcoin could potentially lead other countries to follow suit, acting as bullish catalysts in the upcoming months.

Vincent Chok, CEO of First Digital, highlighted the significance of the U.S. prioritizing Bitcoin as a reserve asset, legitimizing its status as “digital gold” and potentially accelerating regulatory frameworks globally. This move might prompt various responses from global regulators, potentially inspiring the establishment of national strategic stockpiles and encouraging institutional adoption of digital assets beyond Bitcoin, such as stablecoins, injecting liquidity into the decentralized finance market.

[Image: White House Crypto Summit]
[Video: Summit Highlights]