I. Preface: The First White House Crypto Summit and Its Aftermath
On March 7, 2025, the White House held the first-ever "Cryptocurrency Summit". Before the summit, the market generally expected the Trump administration to release significant positive signals, such as announcing additional Bitcoin purchases, incorporating more mainstream cryptocurrencies into "national crypto reserves", or introducing clearer regulatory policies to continuously boost market enthusiasm and further stimulate market sentiment.
Influenced by this expectation, in the days before the summit,Bitcoinsoared from $80,000 to nearly $95,000, and other mainstream cryptocurrencies (including ETH, XRP, SOL, ADA) generally rose 5%～25%.
However, after the summit officially convened, no large-scale cryptocurrency purchase plans or substantive new policies were announced, only reaffirming the existing stance of "supporting the industry with moderate regulation". As market expectations fell through, there was a significant pullback after the summit, with Bitcoin dropping approximately 3%～5% the day after, and other mainstream cryptocurrencies generally falling 5%～10%.
Nevertheless, compared to the previous government's comprehensive suppression, the current policy and regulatory environment's significant relaxation still leaves the market relatively optimistic about medium and long-term regulatory clarity and innovation space. Some investors remain cautiously optimistic about the future evolution of US policies in the crypto domain.
To deeply understand this summit and its subsequent market fluctuations, we need to review the US government's regulatory path and policy evolution in the crypto field in recent years. This article will comprehensively analyze the market trends before and after the summit, outline key policy signals, and explore the summit's far-reaching impacts from an industry perspective.
"Friendly but Light Touch" Regulatory Tone:
Trump reiterated that he will promote the development of the crypto industry through "friendly legislation and light-touch regulation".
Although representatives from the Treasury Department and SEC did not explicitly promise to withdraw more lawsuits, they indicated that they would prioritize the industry's needs in the future.
This summit did not release any new executive orders or immediate bills, indicating that the government is still in the stage of "collecting industry opinions and discussing regulatory details".
Mainstream Media Interpretation:
Mainstream financial media (such as CNBC, Bloomberg, etc.) focused more on Trump's willingness to provide regulatory certainty for the crypto market through congressional legislation, believing that compared to the previous situation filled with gray areas and litigation, there has been a significant improvement.
Overall, this summit "set the broad direction but lacked specific details", and the short-term market impact is more about the disappointment of "expectations being disproved" rather than a disruptive positive.
V. Market Trends and Technical Analysis After the Summit
After the summit, BTC and most mainstream cryptocurrencies experienced a price correction. The main reason was the market's rapid digestion of the "gap between expectations and reality",leading to short-term selling pressure, with many investors choosing to sell or temporarily wait and see.
The following table shows the price trends of several major cryptocurrencies from the end of the summit (March 7) to late March (March 24):
Overall, the market sentiment returned from "extremely positive policy expectations" to rationality, beginning a correction for "overly high expectations".
After losing the expectation of "government additional purchasing", BTC's price made a short-term pullback but has not yet seen a significant breakdown; ETH and XRP also followed the overall market downtrend, with most mainstream cryptocurrencies entering a state of "ending short-term gains, entering oscillation or correction". In the derivatives market, funding rates have turned neutral or slightly negative, and open interest has decreased, reflecting the current market's reduced long leverage willingness and weakened short-term speculation sentiment. Solana, due to the CME futures and ETF listing in mid-March, showed a slight counter-trend increase,creating a certain independent market trend.
Although there is a short-term pullback, against the background of significantly reduced medium to long-term regulatory risks, many institutions and long-term investors still remain optimistic about potential future US legislation or guidelines. Therefore, after a period of calm, if the government announces specific policy benefits, the market still has the opportunity to re-gather buying momentum.
VI. Conclusion: Crypto Market Short-Term Oscillation, Still Optimistic About Long-Term Potential
Regulatory and Legislative Direction
Although the first White House Crypto Summit did not introduce major new policies or immediate legislative actions, the US government clearly stated its support for a "light-touch regulation, encouraging industry development" approach. From a policy perspective, the US may more actively formulate laws or regulatory mechanisms in the future, removing the previous "ambiguous or uncertain" state. If future bills can be successfully implemented, they will encourage large financial institutions or tech companies to invest.
Market Sentiment and Institutional Participation
Compared to the previous government's strong suppression, regulatory risks are now relatively reduced. Many institutional investors (including investment banks, asset management companies, sovereign funds, etc.) have become more tolerant of crypto assets and may expand their digital asset businesses.
In the long term, "national-level reserves" and "government's open attitude" are often important drivers of bull market cycles. Even without large-scale cash purchases this time, the market still expects more government cooperation projects or infrastructure investments in the future.
Long-Term Outlook
In the short term, the gap between market expectations and actual results has led to price pullbacks from high levels. Technical and derivatives data indicate that trading sentiment has entered a wait-and-see period, with investors waiting for more clear policy details or macroeconomic improvements.
From a medium to long-term perspective, as long as the direction of "US official recognition of crypto assets' legal status and willingness to establish clear regulatory rules" remains unchanged, institutional funds and developer ecosystems are still expected to continue flowing in. When macroeconomic and regulatory variables gradually become clear, the market may usher in a new wave of growth momentum. The current oscillation is more about digesting "previous excessive expectations" rather than a trend reversal. All parties are paying attention to whether the White House can formalize the opinions from this summit and implement them into a new regulatory system, which will be one of the key driving forces for subsequent market developments.
