White House to host crypto summit this week

WASHINGTON

The White House has announced that it will host its first cryptocurrency summit this week on March 7.

U.S. President Donald Trump will deliver remarks at the event, according to a statement released by the White House on Feb. 28.

The summit will bring together prominent founders, CEOs, and investors from the crypto industry, alongside members of the president’s Working Group on Digital Assets, a group comprised of the heads of several federal agencies.

The event will be chaired by White House Artificial Intelligence (AI) and crypto czar David Sacks and administered by the Working Group’s Executive Director Bo Hines.

Trump has repeatedly emphasized his commitment to establishing the US as a global leader in cryptocurrency.

“I’m committed to making America the crypto capital. We want to stay at the forefront of everything, and one of them is crypto,” he said on Feb. 19.

Last week, Bitcoin, the most popular cryptocurrency, slid below $80,000 for the first time since November.

"The crypto sector is suffering a bit of a meltdown today," said Trade Nation analyst David Morrison on Feb. 28.

He noted that another popular cryptocurrency, Ethereum, had lost nearly half its value since mid-December.

"According to some analysts, that represents not just a correction, but a full-blown bear market," he added, noting that bitcoin had lost most of the gains made since Trump was elected in November.

Morrison said the gains were driven by hopes of a much friendlier regulatory environment, which have now unraveled to some extent.