Why did Bitcoin fall below 80,000? White House crypto summit with mixed reviews, tariff war intensifying recession fears, U.S. stocks plummeting

Bitcoin has continued to crash recently, in addition to the impact of Trump's tariff policy, Trump's crypto policy is not as expected may also be the main factor, FOX Business reporter Eleanor Terrett pointed out today that the first White House cryptocurrency summit held on Friday, the market was expecting to hear about the Trump administration's specific plans to make the United States a cryptocurrency capital, but in the end there were mixed reactions. Bitcoin fell below $77,000, Ethereum fell below $1,800, and Tesla plunged 15%.. Market fears recession has come true) (Background added: Arthur Hayes: Bitcoin $75,000 is key support, WhaleWire: institutional narrative collapse BTC bear market has arrived... The cryptocurrency market was originally looking forward to the first White House cryptocurrency summit on Friday, but the summit ultimately failed to meet market expectations for further policy details, coupled with the impact of Trump's tariff war, investors are increasingly worried about the US recession, bitcoin fell below $77,000 today, and the coin price has hit a new low in nearly 4 months. Crypto Summit is not as good as expected, the main reason for the crash? Jacob King, founder and analyst of WhaleWire, previously said pessimistically that the Bitcoin strategic reserve has become a failure narrative, the US government has no intention of buying any other crypto assets other than the seized bitcoin, the institutional demand narrative has collapsed, ETF outflows have reached a record high, all narratives have been shattered, and the bitcoin bear market has arrived. The outside world initially expected too much from Trump's cryptocurrency policy, and now the profit is out, the currency market has fallen with the US stocks, in this regard, FOX Business reporter Eleanor Terrett bluntly said that at the White House cryptocurrency summit on Friday, investors and industry observers had hoped to hear about the Trump administration's specific plan to make the United States a cryptocurrency capital, but the content of the summit was still general and mixed reactions. NEW from me: The inaugural White House Crypto Summit garnered mixed reactions from investors and industry observers who had hoped to hear more concrete details about @realDonaldTrump’s plan to make America the 'crypto capital of the world.' But attendees of Friday's 4-hour... — Eleanor Terrett (@EleanorTerrett) March 10, 2025 Industry reaction mixed, but optimism spread Nonetheless, Eleanor Terrett noted that industry leaders participating in the four-hour event, Members of Congress and senior government officials generally felt positive about the atmosphere and were optimistic that the government would provide more regulatory clarity in the future. Former CFTC Chairman Christopher Giancarlo commented that the summit is clearly a way for this administration to open its arms to the crypto industry to express that "you have been suppressed in the past, and now we want to welcome and support you." Ripple CEO Brad Garlinghouse bluntly stated that the two administrations have taken very different approaches to cryptocurrencies recently: Under Biden, the Democrats want us to go to jail, while under Trump, the Republican Party invited us to the White House. This transformation is truly striking. Eleanor Terrett said that the summit was held in the East Wing of the White House, and guests attended an informal reception to interact with government officials, and many attendees told her that the real value took place in closed-door roundtable discussions, and although there was no formal agenda, guests were given the opportunity to present the topics they care about most, for government officials to listen to and record. It is reported that the participants discussed the bitcoin strategic reserve plan announced only the night before, but the main focus is still on legislative progress and the removal of restrictive guidelines for cryptocurrency companies to cooperate with banks, and after the meeting, the Office of the Comptroller of the Currency (OCC) announced the revocation of the rule that banks need to obtain "no objection" approval from the OCC in advance to carry out crypto business. Tariff dispute exacerbates recession fears On the other hand, Trump admitted in an interview on the 9th that the comprehensive economic reforms implemented by the new administration may bring short-term turmoil, and a recession may not be ruled out... As a result, fears of a recession in the United States have increased, and the continued decline in US stocks has also put pressure on Bitcoin. HSBC recently downgraded U.S. stocks, citing heightened uncertainty over tariff policy. The economist survey also shows that the risk of recession is rising in the United States, Canada and Mexico. Yesterday (10) evening after the opening of the U.S. stock market again suffered a heavy setback, Apple, Microsoft, Alphabet, Tesla, Meta, Amazon, Huida, the seven major technology giants all fell by different ranges. Among them, Tesla plunged 15.43% the hardest, the deepest decline since September 2020. Related Stories Buying Bitcoin Rich? Trump ordered the establishment of a US sovereign fund, revenue may come from tariffs, former senior generals Trump White House Crypto Summit: Reiterating Bitcoin Reserve Executive Order "Only Mention 1 Update", BTC Drops 85,000 Mg Peter Schiff Bombards Trump Crypto Summit: "America's Shame"! The White House was kidnapped by crypto factions 〈Why did Bitcoin fall below 80,000? White House Crypto Summit Mixed Reviews, Tariff War Aggravates Recession Fears, U.S. Stocks Plummet" This article was first published in BlockTempo's "Dynamic Trends - The Most Influential Blockchain News Media".