Bitcoin and most altcoins surged on Saturday as investors turned their focus to the upcoming crypto summit hosted by former President Donald Trump. This marks the first-ever summit dedicated to Bitcoin and the broader cryptocurrency industry, fueling optimism among market participants.
Bitcoin Leads Market Gains
Bitcoin climbed to $85,000, marking an 8.5% increase from its lowest level earlier in the week. At press time, it was trading around $84,600, reflecting a 2.1% intraday gain. The overall cryptocurrency market cap also rose, reaching $2.8 trillion as altcoins followed Bitcoin’s upward momentum.
Among the top-performing altcoins were Hedera Hashgraph, Celestia, Official Trump, Stellar Lumens, and Sonic, all recording gains of over 15% in the last 24 hours.
Trump’s Crypto Summit: What to Expect
Scheduled for next Friday, Trump’s crypto summit is expected to feature key figures from the Treasury Department and members of the crypto and AI office led by David Sacks and Bo Hines. This event could signal a major policy shift toward crypto-friendly regulations in the U.S.
Who Will Attend?
Several industry leaders are likely to participate, including executives from major crypto exchanges such as Coinbase, Gemini, and Kraken. Notably, Tyler and Cameron Winklevoss, known supporters of Trump’s campaign, are expected to be present.
Other prominent attendees could include:
- Charles Hoskinson (Cardano)
- Jed McCaleb (Stellar)
- Brad Garlinghouse (Ripple)
- Nathan Allman (Ondo Finance)
Elon Musk is also expected to attend in his role as the head of the Department of Government Efficiency (DOGE). Musk has been a vocal advocate for cryptocurrencies, with Tesla holding over 11,500 Bitcoin worth nearly $975 million. Additionally, Musk is exploring ways for the U.S. government to leverage blockchain technology for cost reduction and efficiency improvements.
Regulatory Shifts Underway
Since Gary Gensler’s resignation as chair of the U.S. Securities and Exchange Commission (SEC), the regulatory environment for crypto has started to shift. The SEC has already ended litigations involving major players like Uniswap, Coinbase, and Gemini, signaling a potential softening of crypto enforcement.
Bitcoin Reserve and Market Impact
Speculation is mounting over whether Trump will push for a U.S. Bitcoin reserve, which could further bolster the crypto market. If such a policy is discussed at the summit, Bitcoin and altcoins may see continued upward momentum.
Despite Trump’s pro-crypto stance, some of his economic policies—such as tariffs on American imports—have introduced market uncertainties. Critics argue that these tariffs could fuel higher inflation and increased market volatility, potentially impacting investor sentiment.
As the crypto summit approaches, Bitcoin and altcoins have rallied in anticipation of favorable policy discussions. With industry leaders, regulators, and influential figures like Elon Musk and the Winklevoss twins expected to attend, the summit could mark a pivotal moment for crypto in the U.S. Investors are watching closely for key announcements that could shape the future of Bitcoin and blockchain technology.
