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Trump Makes History With First-Ever White House Digital Asset Summit President Donald Trump announced the creation of a strategic Bitcoin reserve during the first-ever White House digital asset summit. Trump Sits Alongside Crypto Industry Leaders at Historic White House Summit Speaking at the historic event, Trump stated, “Yesterday, I signed an executive order officially creating our strategic Bitcoin reserve, and this will be a virtual Fort Knox for digital gold to be housed within the United States treasury.” He emphasized the significant holdings already owned by the federal government, which amount to around 200,000 bitcoin obtained through various law enforcement actions. Trump criticized past federal policies, particularly under President Joe Biden, noting the government “foolishly sold tens of thousands of additional Bitcoin that were worth billions and billions of dollars had they not sold.

The White House held its first-ever “crypto summit” on Friday, gathering top execs from digital asset firms to chat about how the Trump administration plans to undo the Biden administration’s regulatory crackdown on crypto. But the attendees reportedly left feeling deflated. Here’s where prices stand over the past 24 hours: The event came three days after Trump’s first address to Congress since returning to office, in which he spouted several statements, including one about the economy that doesn’t quite align with the facts . “As you know, we inherited an economic disaster and an inflation crisis from the previous administration,” Trump stated . Gross Domestic Product: Under Trump’s predecessor, Joe Biden, real GDP growth averaged around 3.4% over the first three years, including a 2.5% growth in 2023. Compare that to Trump’s first term: Not counting the Covid-19 pandemic in 2020-, the economy experienced an average annual real GDP growth of approximately 2.5%. By 2020, the pandemic led to a significant contraction and resulted in an overall average annual growth rate of about 1.6% for Trump’s term. Inflation: Trump has claimed that the U.S. has faced “the worst inflation we’ve ever had.” However, that’s inaccurate – inflation last exceeded 9% in 1981, and has been much higher at various points throughout U.S. history. Indeed, prices surged considerably during the initial two years of Biden’s presidency, reaching a high of 9.1% in June 2022. By December 2024, the annual inflation rate was 2.9% . S&P 500 Performance: Since Biden’s inauguration on Jan. 20, 2021, the S&P 500 has risen by approximately 50%, despite a 19% drop in 2022 due to the Federal Reserve’s interest rate hikes aimed at combating inflation. Dow Jones Industrial Average (DJIA) Milestones: The DJIA surpassed several significant milestones during Biden’s tenure, including: Under Trump presently, consumer confidence is down ; stocks just suffered their worst week in six months (h/t Forbes); and inflation worsened . As for crypto, it’s still a mystery how Trump plans to pay for the digital asset stockpile that’s currently in the works . Will he raise taxes? We’re told there would be “no incremental costs on American taxpayers.” It’s no wonder why both Republicans and Democrats are worried. See below. 🟡 NEW: Republicans and Democrats who hope to legitimize crypto by pushing regulatory overhauls through Congress are scrambling to come to terms with Trump’s proposal to create a US "strategic reserve" of digital assets. Private-sector supporters are raising their own concerns… pic.twitter.com/lXqkPj8BD3 It’s worth noting that the crypto summit on March 7 comes less than two months after Trump and some of his family members launched their own memecoins. The big guns of crypto (i.e., Michael Saylor, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev) attended. It was a clear shift in attitude compared to the Biden era, when the Securities and Exchange Commission (SEC) drew the ire of those in the industry who felt that the Gary Gensler-led crackdowns were unfair. After all, not everyone in the industry was a scammer (although 2024 had plenty of rug pulls ). Today, these honchos have Trump whose federal government — according to Axios’ Felix Salmon and Zachary Basu — has become “the primary driver of the chaos.” What could go wrong?

Sam Bankman-Fried, the former CEO of FTX, has been placed in solitary confinement after giving an unauthorized interview with Tucker Carlson. The interview, which was done without the approval of the US Bureau of Prisons, was shared on March 7, leading to controversy. The Bureau confirmed that the interview had not been authorized, resulting in Bankman-Fried’s isolation. This move has brought renewed attention to his case and the ongoing discussions about his possible release. During the interview , Bankman-Fried opened up about his experience in prison and discussed his views on crypto regulation in the United States. He claimed that he did not see himself as a criminal, even though his conviction was for defrauding investors and customers in the collapse of FTX. Related: Bankman-Fried Seeks Trump Pardon, LayerZero Settles with FTX Estate While Carlson did not ask directly about a possible pardon from U.S. President Donald Trump, Bankman-Fried’s comments have led to increased speculation about his chances for clemency. Since the interview aired, data from Polymarket shows that the probability of a pardon has nearly doubled, with a current 4% chance of a pardon within the first 100 days of Trump’s presidency. Bankman-Fried’s family, including his parents, law professors Joe Bankman and Barbara Fried, are reportedly consulting with a lawyer linked to Trump’s 2016 and 2020 campaigns. Though they have not reached out to Trump directly, sources indicate that they are working on utilizing his transactional approach to clemency to secure a pardon for their son. The efforts to secure a pardon are similar to previous actions by Trump, like his full pardon of Ross Ulbricht, the creator of the Silk Road, in January 2021. Related: Sam Bankman-Fried Appeals Fraud Conviction, Seeks New Trial Ulbricht had served 12 years of his sentence for his role in running the infamous darknet marketplace. Separately, Bankman-Fried’s legal team is continuing its appeal process. In September 2024, they filed a 102-page brief challenging his conviction on seven felony counts, claiming that the scrutiny around his case affected the fairness of his trial. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Digital asset prices remained stagnant despite renewed interest in altcoins. This month, many institutional and retail traders sold holdings to recover previous positions. XRP attracted institutional players as its price moved past $2.40 after hitting double-digit outflows in two consecutive weeks. Other altcoins also gained traction on the back of XRP and Ethereum’s momentum. XRP Yearly Flows Hit Breaks $152 Million Last week, XRP was among the leading altcoins in terms of institutional numbers. The asset saw $21 million weekly inflows boosting yearly figures above $152 million despite a bumpy month. This follows rising investor interest in buying the crypto dip, especially favorites like XRP and ETH. Last year, investors turned to XRP, pushing the price above $3 from under $1. The assets struggled got much of Joe Biden’s administration after the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two executives. It should be noted that the regulatory headwinds also affected other altcoins, although XRP’s impact was more pronounced. Donald Trump’s win at the November polls opened a new chapter for the asset as investors projected an end to the harsh crypto regulations. XRP price exploded, hitting points not seen in years. With increased buying pressure led by massive whale accumulations, traders tipped a run to $6. However, United States macro policies continue to hinder tech and crypto assets. Institutional investors have bought the dip, recording slight gains ahead of a cycle recovery. In the coming weeks, digital asset enthusiast Javon Marks predicts a major upside move for XRP. “XRP’s price, since breaking out and showcasing major upside progress in the quoted tweet below, has now confirmed its LARGEST BULLISH PATTERN since that breakout and can be preparing here for a MASSIVE CONTINUATION MOVE! Another major upside move can be in the works…” Ripple’s Partnerships Resonate With Investors Ripple continues its push for seamless cross-border transactions, disclosing groundbreaking partnerships. This week, the company partnered with Unicambio to foster crypto payments between Portugal and Brazil. Ripple explained that the move would facilitate fund transfer and settlement within minutes, giving Unicambio’s corporate clients an edge. On Feb 5, Ripple partnered with Revolut and Zero Hash to democratize RLUSD’s adoption. As a result, the stablecoin will be listed in more markets, and Revolut’s and Zero Hash users will have access to the stablecoin on XRPL and the Ethereum Network.

🚨🚨 US President Donald Trump live : What Trump said President Trump addressed a joint session of Congress, outlining his administration's achievements and future plans. Key takeaways: 🔹Trump announced plans to end the war between Ukraine and Russia 🔹He reiterated his proposal to rebuild Gaza 🔹The President highlighted investments by tech giants, including Apple and Oracle 🔹Trump blamed Joe Biden for rising egg prices 🔹He announced a plan to "dramatically expand" critical mineral production in the US The address was met with protests across the US, with demonstrators gathering in parks, statehouses, and other public grounds. #USPolitics #LiveUpdates #TrumpCongressSpeech