XRP, DOGE, ADA Slump 9% as Trump Douses Bullish Crypto Reserve Hopes

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CoinDesk 2d ago

XRP, DOGE, ADA Slump 9% as Trump Douses Bullish Crypto Reserve Hopes - CoinDesk

Quick Summary:

Traders are disappointed the crypto reserve plans won’t add any buying pressure to the market, at least in the near term, with few catalysts to buoy the market.

Traders now look to the White House Crypto Summit scheduled in U.S.morning hours on Mar.7, but don’t hold high hopes for what’s to come.“Traders have lowered expectations since the strategic reserve announcement failed to live up to expectations,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message.“Trump hasn't promised anything substantial for Friday's summit that could reverse the impact of the trade wars, so there is still a risk-off sentiment.“Traders hold some hope for surprise announcements between Trump and individual blockchain companies, as numerous industry leaders and key government department heads will be in attendance,” Ruck added.

Bitcoin, the centerpiece of Trump’s plan, wasn’t immune, dipping 4.5% from a 24-hour high above $93,000 to under $88,000.