The crypto market is buzzing with the anticipation of today’s White House crypto summit. However, after President Donald Trump announced changes to the proposed crypto strategic reserve, speculation is rife over whether this summit will crash Ripple, Ethereum, Cardano, and Solana prices. With the crypto market already showing signs of weakness, traders should expect more volatility. Here’s why:
Why Ripple, Ethereum, Cardano, and Solana Prices Could Crash After the Crypto Summit
The highly anticipated White House crypto summit is happening today, and crypto prices are crashing. Ethereum dropped by 6% to trade at $2,170 at press time. XRP price also recorded a marginal 1.3% drop to trade at $2.51, while Solana dipped by nearly 5% to $143. Cardano price saw the second-biggest losses among the top ten largest cryptos with a 7% loss to trade at $0.87.
The four altcoins saw a brief rally earlier this week after they were included in President Trump’s plan for a crypto reserve. However, a recent change of plans shows that the US government is not willing to buy any of these altcoins.
In a recent statement, the White House said that the government will establish a separate Bitcoin strategic reserve and a separate digital assets stockpile that will include XRP, ETH, ADA and SOL. However, the government will not buy any coins for this stockpile. Instead, it will include only seized assets.
Digital Assets Stockpile
If Trump does not outline clear plans on how this digital assets stockpile will be constituted, it could crash prices after the crypto summit.
Bitcoin Reserve News Already Priced In
Ethereum, XRP, Cardano, and Solana prices will also likely crash after the summit as the news of a Bitcoin reserve has already been priced in. These altcoins have been tracking BTC price, and if Bitcoin fails to make strong gains, altcoins could trade lower after the crypto sumit.
Moreover, crypto prices are unlikely to rally after this summit due to a lack of plans to buy BTC for the strategic reserve. Crypto czar David Sacks stated that the US government holds nearly 200,000 BTC seized by law enforcement agencies, which will be included in the reserve. However, there are no clear plans on how to fund additional reserves.
Bitcoin Strategic Reserve
As Bitcoin price continues to struggle, it is likely that top US altcoins will also crash after this crypto summit. However, as traders close their positions and market expectations reduce. It could lead to a more natural price action.
Cardano Price Crashes as Hoskinson Likely to Miss Crypto Summit
According to crypto reporter Laura Shin, Cardano founder Charles Hoskinson has not been invited to the White House Crypto Summit. This has led to a bearish Cardano price forecast after ADA posted the biggest loss among the other four cryptos that are part of the digital assets stockpile.
Ripple CEO Brad Garlinghouse is attending the summit. However, besides Hoskinson, Ethereum and Solana co-founders Vitalik Buterin and Anatoly Yakovenko have so far not been included. This could see crypto prices crashing after the summit.
What’s Next for Ripple, Ethereum, Solana, and Cardano Prices?
Ripple, Ethereum, Solana, and Cardano prices are likely to crash after the crypto summit. This is becayse market expectations that the US government will buy these altcoins for a crypto reserve are dropping.
However, Fox Business reporter Eleanor Terrett has hinted at possible changes to crypto tax laws. She noted that during the crypto summit, there could be “some kind of tax announcement.” This could fuel gains for XRP, ETH, SOL, and ADA prices.
The post Will Ripple (XRP), Ethereum (ETH), Cardano (ADA), Solana (SOL) Prices Crash After Crypto Summit Today? appeared first on CoinGape.
