Bitcoin rallyes almost 10% than the date of the White House for the first crypto Summit ⋆ Zycrypto

Bitcoin (BTC) and the broader cryptocurrency market on Friday organized a sharp rebound that had overcome a week of volatility when investors' mood rose to important political and regulatory developments.

BTC was traded at $ 85,372 at the time of the press and marked a profit of 7.41%in the last 24 hours. On the other hand, Ethereum (ETH) rose by 6.61% to $ 2,231.66, while XRP rose by 9.2% to USD $ 2.18. The broader market followed the example and raised the entire market capitalization of cryptocurrency by 6.31% to 2.83 trillion dollars.

Remarkably, the surprise rally takes place after a pioneering announcement of the White House. On Friday, David Sacks, the Ai of the White House and the crypto Czar, confirmed that President Donald Trump will organize the first crypto summit of the White House on March 7.

According to an official letter from the White House, the summit will drive President Trump's campaign forward to revise the cryptocurrency sector.

“Previously, President Trump had agreed to be America's “first crypto president”, and in his executive commands in the week of 14178 he explained that my administration's policy “my administration [is] In order to support the responsible growth and the use of digital assets in all sectors, “”The letter is called

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The White House also emphasized that the administration of Trump should set a regulatory framework that promotes innovation and at the same time guarantees economic freedom. In the letter, the “unfair persecution” of the digital asset industry also criticized by the previous government and positioned Trump's approach as a new era for financial technology.

In particular, the summit, together with members of the President's Digital Asset Task Force, is convened by the leading industry leaders, including founders, CEOs and investors. The discussions on regulatory clarity, market supervision and the role of the government in the design of the crypto industry are concentrated with sacks.

In addition, the US Securities and Exchange Commission (SEC) will later start a five-part roundtable series called “Sprint Sprint towards Crypto Clarity” to clarify the regulations of the cryptocurrency. In the first session, which is planned for March 21, the topic of “Defining the Security State” is examined, according to sources, which spoke to Eleanor Terrett to Fox Business Reporter.

The regulatory tensions continued to solve this week when the SEC dropped its lawsuit against Coinbase after a similar step with Binance. The agency also graduated from Gemini without taking the enforcement measures. In a further significant shift, the SEC announced that Meme coins are classified as collector's items rather than securities, which effectively removed them from the regulatory area.

In addition to regulation, speculation about a potential Bitcoin reserve of the US government is. Although no formal announcement has been made, the discussions about the strategic role of Bitcoin on the financial markets heated up the new institutional interest in the asset.