What Happened in Crypto Today: Is Crypto Summit Behind the Crash?

What happened in Crypto Summit? Key Reasons Behind Crypto Crash!

Today's Crypto Market Update

The global cryptocurrency market is worth $2.83 trillion, down by 2.40% in the last 24 hours. Trading volume has dropped by 9.95% to $114.4 billion. DeFi transactions make up $6.94 billion (6.07%) of this, while stablecoins account for $106.52 billion (93.11%). 

Bitcoin remains dominant, holding 60.34% of the market, though it has slightly decreased by 0.01% today. Overall, the market is experiencing a small dip in both value and trading activity.

Ripple vs. SEC: $125M Fine Likely as Legal Battle Nears End!

The Ripple vs. SEC lawsuit might wrap up with Ripple paying a $125 million fine, as lawyer Fred Rispoli suggests. The SEC, now led by a pro-crypto majority, hasn’t dropped the case yet. Some believe they’re waiting for new leadership before making a final call. 

Rispoli thinks the SEC may avoid an appeal to sidestep more legal trouble. Ripple could still push for a lower fine or a different settlement before the April 16 deadline.

White House Hosts First-Ever Crypto Summit: Major Announcements by Trump

The White House held its first-ever Crypto Summit, marking a big shift in the U.S. government's approach to digital assets. President Trump announced the end of "Operation Chokepoint 2.0," which pressured banks to cut ties with crypto businesses. 

He also revealed a strategic Bitcoin reserve, calling it a “digital Fort Knox,” and assured it wouldn’t be sold. Additionally, Trump plans to expand a U.S. crypto stockpile, possibly adding Ethereum, XRP, Cardano, and Solana in the future.

Crypto Leaders and Trump Org Push Back Against Debanking

Custodia Bank founder Caitlin Long hopes a new lawsuit will reveal more about debanking under President Biden. The Trump Organization is suing Capital One for closing over 300 accounts in 2021 without reason. Crypto leaders believe regulators unfairly targeted digital asset firms. Silicon Valley businesses also claim political bias against tech companies. Lawmakers have investigated, and Fed Chair Jerome Powell promised to help. The lawsuit adds pressure to uncover why certain businesses were cut off from banking services.

XRP Price Update – What's Behind the Drop?

XRP is currently trading at $2.35, down 5.92% in the last 24 hours. Its market cap has dropped 5.51% to $136.67 billion, while 24-hour trading volume fell 12.78% to $7.64 billion. This decline is likely due to broader market corrections, investor sell-offs, or regulatory concerns. 

Uncertainty in the crypto space and macroeconomic factors could also be driving the dip. Traders are closely monitoring the situation to see if XRP can recover soon.

US Government Recognizes Bitcoin as a Strategic Reserve Asset

In a Bloomberg interview on March 7, White House crypto advisor David Sacks said Bitcoin is no longer just an option to consider in the long term; it has become, in fact, a strategic reserve. 

The government currently owns around 200,000 BTC, though the exact amount is unclear. Sacks also announced plans for a full audit to determine the total digital assets held by the US and ensure their proper management.

Crypto Market Sentiment Update

Right now, the crypto market is in the Fear zone with a score of 28. Yesterday, it was slightly better at 34, but still in Fear. A week ago, things were much worse, with Extreme Fear at 20. However, last month, the market was in a much better state, sitting at Neutral with a score of 49. 

This shows that sentiment has been shaky, with fear dominating the market recently. Investors remain cautious as uncertainty continues.