What to know:
- So, get this: XRP, DOGE, and ADA just saw a drop of 9%—that’s like getting hit by a truck after thinking you’ve dodged traffic! All because Trump decided that Bitcoin is the only kid in his strategic reserve playground.
- Over $400 million in liquidations? Ouch! That’s like watching your favorite pizza place blow up right before dinner!
- Now traders are looking at the White House Crypto Summit—expectations? Lower than a snake’s belly. Thanks, Trump.
Major tokens XRP, dogecoin (DOGE) and Cardano (ADA) are experiencing a nosedive of 9% in the last 24 hours. Why, you ask? Oh, just our friend Donald Trump snuffing out any hope of a diverse U.S. strategic crypto stash!
Late Thursday, he says, “Let’s make a Bitcoin Strategic Reserve!” He’s holding onto Bitcoin (BTC), and the other assets? Well, whatever falls into Uncle Sam’s lap. Great, so we’re left hoping for what—gifts that the government doesn’t want?
This news hit harder than a bad punchline, reversing bullish momentum that had traders dreaming big. First, Trump was considering all the tokens—like XRP and ADA. Now? Forget it! It’s like going to a buffet and finding out they’re out of everything except mashed potatoes.
DOGE was riding high earlier this week—spiking 12% because someone thought an ETF might include it. 😂 A classic plot twist! Now it turns out those dreams were more like wishing on a star—nice, but probably not happening.
Bitcoin? Not even the golden child in this tale. It dipped 4.5%, from over $93,000 to below $88,000. So much for a party! The broader market, CoinDesk 20 (CD20), dropped 5%. Small coins? Down by up to 10%—cue the sad trombone!
All this chaos led to over $400 million getting wiped out! It’s the crypto version of telling everyone “you’re on your own!” Poor BTC products took the brunt of it. $230 million disappeared like it went out for a pack of cigarettes.
Now traders are peeking at the upcoming White House Crypto Summit on Mar. 7 like it’s some dreaded family reunion. Spoiler alert: Don’t expect fireworks, folks!
“Traders have dialed back their expectations since Trump’s strategic reserve announcement fell flat,” said Nick Ruck, director at LVRG Research. They’re looking for anything of substance from the summit—but let’s be real; it’s like waiting for a miracle that never comes. 🙄
“Maybe something surprising happens between Trump and blockchain big shots! Let’s cross our fingers, right?” Ruck winks. Dream on!
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2025-03-07 10:27