The recent announcement of the Strategic Crypto Reserve by U.S. President Donald Trump sent shockwaves through the market, causing traders to become risk-averse following a pump and dump scenario on Monday. Bitcoin saw its most negative returns in years, closing February down 17.39%. The reserve includes Bitcoin (BTC), Ethereum (ETH), and a selection of American-made altcoins such as XRP, Solana (SOL), and Cardano (ADA). Initially, market participants responded positively to the news before a wave of fear set in, resulting in over $1.07 billion in liquidations on Monday. The upcoming White House Crypto Summit scheduled for March 7 is eagerly anticipated by traders.
In the realm of American-made altcoins, XRP, Solana, Cardano, Chainlink (LINK), and Stellar (XLM) stand out as top picks based on price trends and on-chain analysis. The focus on “made in USA” coins reflects the growing regulatory clarity surrounding cryptocurrencies in the U.S., as well as the country’s support for blockchain innovation. Pi Network (PI), Hedera (HBAR), Avalanche (AVAX), and Sui (SUI) have also seen significant developments in recent weeks.
As Bitcoin and other cryptocurrencies experienced a downturn, fear gripped the market, as indicated by the Crypto Fear & Greed Index reading of 20, signaling a state of fear among traders. However, opportunities for investment still exist, particularly in XRP, Solana, and Cardano. Technical analysis suggests potential price targets and buy zones for these altcoins, with indicators pointing towards bullish outcomes.
Looking ahead to the White House Crypto Summit, industry leaders, executives, and policymakers are set to convene to discuss policy issues, regulatory frameworks, and blockchain innovation. Ripple CEO Brad Garlinghouse, Michael Saylor, and Sergey Nazarov are among the key figures expected to participate, along with representatives from top crypto exchanges.
In the derivatives market, Open Interest (OI) for the top cryptocurrencies has surged, with Bitcoin and Ethereum seeing significant activity. Institutional interest in Bitcoin has declined, while Ethereum has seen a resurgence in netflows from ETFs, indicating renewed interest from institutional investors. The upcoming summit and its potential impact on Bitcoin, Ethereum, and altcoin prices are being closely watched by experts and traders alike.
In conclusion, the cryptocurrency market continues to experience volatility, with significant price fluctuations and uncertainty. The upcoming White House Crypto Summit and ongoing developments in the market will play a crucial role in shaping the future trajectory of digital assets. This article serves as an informational resource and does not constitute investment advice.