If someone stayed up late to watch Trump's White House Encryption Summit, he would probably be quite disappointed.

The entire summit was completely consistent with the stereotype given by Trump, absurd and full of performance traces. A few weeks before the summit, the industry seemed to have ushered in a big test, researching the theme of the conference, exploring participants, imagining possible conversations, and paying attention to participating journalists, for fear of missing any wealth codes brought by the first White House crypto conference. On the eve of the summit, news came one after another. The list of crypto reserves was released and the establishment of Bitcoin strategic reserves was even more likely to hang expectations in the hearts of industry insiders. Once again, "The big one is coming." Unfortunately, he held high the so-called "setting the direction of encryption for four years", but no one was mentioned in the audience. The market also successfully fell in this unknown summit. Bitcoin came from $91,000 before the meeting to $85,000. It is currently ongoing decline, and it has fallen to $80,000 at one point, and is now at $82,000.

Hold up high and gently put down, but after all, it was the White House's crypto summit, and it still sent some effective signals.

The people who stayed up late to chase the White House summit on Saturday are "blessed".

The first thing to be made is that this crypto summit is in a closed-door form. Previously, the participants had been deeply touched, with about 30 senior officials, members of Congress and corporate executives participating in the event, and leaders gathered together. In addition to the most important guest President Trump, there are both senior people on the side, including David Sacks, the head of White House crypto and AI, Tom Emmer, the House Majority Whip, Bryan Steil, chairman of the House Digital Assets Subcommittee, as well as leading platforms and well-known companies, Ripple, BitGO, Crypto.com, Kraken, Coinbase, Chainlink, Mara, Gemini, Robinhood. Trump's nepotism WLFI is also included, and top capital sides also attended, a16z, WisdomTree, Paradigm, Multicoin, etc.

Although it was a closed-door summit, there was still an official live broadcast link at the beginning, giving the market an important window to explore the content of the summit. But unfortunately, the official live broadcast screen takes less than 20 minutesIt came to an abrupt end, and in these short 20 minutes, in addition to less than 5 minutes of Trump's speech, a large-scale workplace black academic is also being staged.

The summit that started at 4 o'clock was postponed for about 45 minutes. The market finally waited for Trump, who was late, but the topic Trump started first was not encrypted, but the upcoming 2026 World Cup football match. It first asked FIFA President Gianni Infantino to show off the Football World Cup trophy before taking advantage of the trend to propose that Bitcoin is higher than FIFA and returned to the topic.

Trump thanked the right-hand men who came to attend the meeting and, according to his convention, slashed Biden's decision to sell Bitcoin and stifle Action 2.0. He issued a bill that would change the environment and promote the clarity of the market regulation of stablecoins and digital assets. In August, he hoped that the relevant legislation of stablecoins could be submitted to the president's office, and ended his speech.

There were subsequent speeches from major regulatory officials and industry leaders. The imagined insights turned into vain. Everyone started with thanking the great president and then ended with thanking the president for his wisdom. A summit became Trump's visionary and exaggerated base camp. It is rare to be a serious meeting held by the supreme leader.

It is enough to see that the value of the summit is more formal than a discussion of industry development in the true sense. In other words, this is Trump's feedback on his attitude towards crypto supporters and an endorsement of crypto inclusion in the campaign agenda. But in terms of speaking, Trump is not a veteran enthusiast in the currency circle. He lacks attention to the Defi application field that the industry is concerned about, and he has no mention of the market's expected encryption duty-free attitude. His attitude towards encryption is more like a good cat regardless of black cats and white cats.

Of course, this summit is not completely without information, and some signals are still released in Trump's speech.

First, the strategic Bitcoin reserve will become the 'virtual Fort Knox' of digital gold, stored by the U.S. Treasury Department. Compared with the market speculated about the increase in reserves, Trump said that the Treasury and the Commerce Department will also explore new ways to increase the holdings of Bitcoin reserves, provided that there will be no costs to taxpayers.

Secondly, in terms of regulation, Trump maintained his consistent attitude of loosening regulation and made it clear that he would end 2.0 (Biden once curbed crypto activities by banning crypto access to banking services), and the US Currency Supervision Agency (OCC) also reiterated.The federal banking system can legally custodial crypto assets, hold deposits as stablecoins reserves, and use blockchain technology to promote payment business.

The most important information is stablecoins. There have been rumors in the market that Trump is very interested in stablecoins, and his family project WIFL also mentioned entering the stablecoin field. This speech confirmed this signal. Congressional lawmakers are pushing bills on the clearness of the regulation of the US dollar-backed stablecoins and digital assets markets, and Trump believes that this will become a "very promising" growth model, hoping that Congress can legislate the relevant legislation before the recession in August. It is worth emphasizing that it also mentioned that "the status of the US dollar will remain stable for a long time."

From the speeches on stablecoins, it can be seen that the US dollar stablecoin will be an important part of Trump's encryption. Regarding the impact of today's cryptocurrencies on sovereign currencies, the United States has adopted a strategy of being less likely to be less likely to be blocked. Compared with a one-size-fits-all operation, it emphasizes itself establishing rules to grasp the right to speak, and building the influence of the US dollar through the control and pricing of core value targets. In fact, this approach is quite similar to the United States' claim on oil.

Specifically, stablecoins are the key pricing tool in the crypto market. Only the US dollar stablecoins can push cryptocurrencies to be denominated in US dollars, rather than allowing decentralized currencies to move horizontally to the foundation of US dollar hegemony. In other words, the US dollar stablecoin can become another tool for the US dollar to dominate the decentralized field. Through the widespread application of stablecoins, the US dollar hegemony can further extend to the crypto field, thereby promoting digital currencies to become an affiliate and derivative of the US dollar. In this context, even if the world enters the era of digital currency, the US dollar is still the number one currency. In addition, the reasons for the establishment of Bitcoin reserves can also be seen. Bitcoin is a key pillar in the crypto field. It is the most controllable to denominate in US dollars and build it on the basis of a stable hegemony of the US dollar. This is also why the currency that is "made in the United States" has taken the lead in this round of counterfeiting market, while ETH, Defi, etc., which are more concerned about in the industry, are being treated coldly. If you want to get enough narrative, you can only integrate into a system that is priced in US dollars and prioritized in the United States.

On the other hand, Trump's speech also demonstrates his core attitude towards cryptocurrencies. The US authorities hope to reduce debt pressure through tokenization rather than promote the development of currency prices. Whether it is access to bank services or the legislation of stablecoin, it lays the foundation for achieving this goal. It can be foreseen that on-chain US debt tokenization may become the focus of the future. A subtle evidence is that in the speech, Trump no longer used cryptocurrency (Crypto), but used digital asset Digital Asset to replace it. Stability and compliance will become the main theme of the industry.

The price of Bitcoin also fell from $91,000 before the meeting to $85,000, and ETH fell back to around $2,000 again. What’s even more interesting is that the previous list of crypto reserves also caused a misunderstanding, and David Sacks explained that “the president mentioned the top five cryptocurrencies in market caps, and people’s interpretation of this is a bit too much.” Cardano founder Charles Hoskinson even said he was unaware of Trump's plan to include the ADA in his strategic reserves, and said he didn't know why the ADA would be included in the reserves. At present, the previous "heart-chosen" tokens of presidents such as XRP, SOL, and ADA have all fallen, and SOL has fallen below $130 and is now at $127.

In addition to the summit's unexpected situation, Bitcoin's strategic reserves also encountered problems. On March 10, the highly-watched Utah Senate passed the HB230 Blockchain and Digital Innovation Amendment Act, but ultimately deleted the clause that originally allowed the state Treasury Department to invest in Bitcoin, which also disappointed the market. Currently, 25 of the 31 Bitcoin Reserve State Bills are in progress, including bills from Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio and Oklahoma. Overall, despite frequent occurrence, regulatory loosening has become a fact, and strategic reserves have been established, the current market's upward momentum is still obviously insufficient. Bitcoin price continues to be under pressure on macroeconomic development and global trade issues, and the clarion call of the bull market seems to have come to an end.

From the future market, the market is also hesitant to predict the market. Julio Moreno, head of research at CryptoQuant, said that the growth of Bitcoin spot demand is shrinking, and Bitcoin's short positions dominate the futures market. The contraction is the biggest drop since July 2024, reflecting a sign that market participants are reluctant to establish new positions. In addition, long-term holders (LTH) have shifted from distribution to positions, which also shows a signal at the end of the upward market.

And just today, BitMEX co-founder Arthur Hayes posted another article on social platforms, and the market started poorly this week, and Bitcoin canThe 78,000 support level can be backtested, and if it falls below, the price will point to US$75,000.

Interestingly, the market is fair, the Trump family project WLFI portfolio has currently lost about $110 million, and the nine tokens purchased by the fund for $336 million are now worth only $226 million. It is worth mentioning that David Sacks also responded to President Trump's behavior of issuing coins, saying, "I don't think this has any impact, it has nothing to do with our work here." He also said that Trump's personal investment in crypto is a "no evidence fact."

From the current perspective, the market is at the junction of bull and bear, the signal is still unclear, the short-term downward pressure is more obvious, the existing stimulus effect is gradually decreasing, and under the treacherous global situation, the crypto market's own "water absorption" ability is facing a big test. The big thing is coming, and conspiracy theories are flying all over the sky. It is crucial to keep your own money bag.