Trump hosts cryptocurrency summit at White House, which altcoins are worth buying

US President Trump will host the first White House cryptocurrency summit next Friday, further establishing his support for the industry. The White House stated in a statement on Friday evening that Trump will deliver a speech at the meeting, which will include well-known founders, CEOs, and investors in the cryptocurrency industry, as well as members of the President's Digital Assets Working Group.

According to the statement, the summit will be led by venture capitalist and White House crypto czar David Sacks, and will be managed by Bo Hines, executive director of the working group.

Shortly after taking office, Trump signed an executive order establishing a working group consisting of key agencies to provide recommendations to the White House on digital asset policies and evaluate the establishment of reserves. This working group includes the US Treasury Department and Department of Justice, as well as the US Securities and Exchange Commission and Commodity Futures Trading Commission.

During the 2024 election, Trump, who once mocked cryptocurrency as a "scam," promised to simplify regulation, choose industry friendly figures to regulate the industry, support stablecoin frameworks, and establish Bitcoin reserves. After his election, the industry donated millions of dollars to his inauguration committee.

Although Trump has not fulfilled all of these promises, his administration's policies and summit itself mark a significant shift in the strict regulatory approach taken by the US government following the failure of the FTX digital asset exchange and other scandals. Trump even entered the cryptocurrency industry himself, launching a meme coin shortly before his return to office and supporting a project called World Liberty Financial, in which his son participated.

The White House added in the statement, "The government is committed to providing a clear regulatory framework that promotes innovation and protects economic freedom

Bitcoin has fallen sharply recently

At the same time, following Trump's tariff threats and the turbulence in the cryptocurrency industry, there has been a wider retreat of risky assets in recent times, and Bitcoin's week-long plunge has further intensified, marking a dramatic reality test for one of Trump's most popular trades.

On Friday, Bitcoin plummeted 7.2% to $78226, a drop of 28% from its historical high reached less than six weeks ago. Bitcoin later regained some lost ground, and the price remained almost unchanged on Friday. Bitcoin fell by about 18% in February, the largest monthly drop since June 2022.

Zaheer Ebtikar, co-founder of the cryptocurrency fund Split Capital, said, "Some large participants at the end of the day just say, 'You know what, I'm giving up. I think that's what we've seen over the past week. Sales are definitely higher than usual, so it's difficult to pinpoint a specific exchange or location.'

The decline of Bitcoin this week has reached technical levels, and many traders are paying attention to this level in search of signs that the sell-off may have gone too far, prompting bargain hunters to intervene and at least pause the decline. Bitcoin has fallen below its 200 day moving average for the first time since October last year, which is a closely monitored long-term trend indicator. The 14 day relative strength index, which measures the momentum of Bitcoin prices, fell below the level indicating that the asset is considered oversold this week, for the first time since September last year.

The attention to trade tensions led to a widespread safe haven decline in the market on Friday, pushing down almost all Asian stock markets and exacerbating the decline in European stock markets. However, cryptocurrency, which is severely affected by changes in risk appetite, is one of the most severely impacted assets.

Trump's Trading Dilemma

This sell-off highlights a rapid change in the fate of one of the most popular Trump trades in the global market: buying Bitcoin, with the expectation that Trump's cryptocurrency friendly approach will lead to a widespread rebound.

This approach worked for a period of time. Bitcoin reached a historic high of $109241 on January 20th, the day of Trump's inauguration. But cryptocurrencies have recently faced pressure as people worry that Trump's bellicose attitude towards global trade may lead to widespread pain.

Stefan von Haenisch, head of over-the-counter trading at Bitgo Inc., a cryptocurrency custodian company in the Asia Pacific region, said, "Considering the macro environment, our position is not surprising." He said that traders are still waiting for Trump to propose specific measures, including Bitcoin reserves.

Investors are now forced to consider to what extent Bitcoin, as the world's largest cryptocurrency, can fall. Ruslan Lienkha, the market director of cryptocurrency platform YouHodler, pointed out that technical analysis shows that the support level for Bitcoin is around $70000. But he said that investors should not expect Bitcoin's collapse to be so severe. Lienkha said, "Only when negative emotions dominate the stock market will we see this level

The bearish sentiment has also impacted US Bitcoin exchange traded funds (ETFs). In February, investors withdrew a record breaking $3.3 billion from a US spot Bitcoin ETF, the largest monthly withdrawal since the fund's launch, as investors sought safer assets amid escalating geopolitical tensions and persistent inflation concerns.

Here are the top 4 US altcoins you can purchase.

Ripple Coin (XRP)
Ripple CEO Brad Garlinghouse is likely to be one of the crypto executives attending this summit. Garlinghouse had previously met Trump at Malarga Manor, triggering speculation that Elon Mask would choose Ripple to repay US treasury bond bonds.

XRP prices have also rebounded from the key support level of $2. The price is still above the 200 day EMA, and the flow of funds from Chaijin indicates strong purchasing pressure. If Ripple maintains its rebound above this support level, US altcoins may support breaking through the resistance levels of $2.45 and $3.40.

Solana (SOL)
As of the time of writing, Solana's price has outperformed other top altcoins with a 10% increase. Despite the $1.8B SOL unlock this week, which may drive sales activity, altcoins show strong prospects.

Solana is breaking through the midline of the downward parallel channel, indicating the possibility of a bullish reversal. ADX is also declining, showing a weakened bearish trend. If buyers intervene now and SOL breaks through this trend line, it may help rebound to the resistance level of $206, making it one of the most worthwhile US altcoins to buy.

Dogecoin (DOGE)
People generally speculate that the price of Dogecoin may reach $10 during this cycle. One possible factor driving this rebound is the recent announcement by the SEC that memes are collectibles rather than securities.

DOGE Awesome Oscillator shows bullish divergence, with prices rebounding from support levels. If this American altcoin flips the 200 day EMA, it may resume its upward trend to the 123.6% Fibonacci level of $0.55.

Cardano (ADA)
Cardano founder Charles Hoskinson may also be one of the executives attending the White House Cryptocurrency Summit, which is a good sign for the price of altcoins. The buyer has re entered the market, and RSI is tilting northward. This supports the bullish Cardano price forecast, which may lead to a rebound to the 178.6 Fibonacci level of $1.97.

Ripple, Solana, Cardano, and Dogecoin may rise 100 times this week due to speculation about cryptocurrency summits. These are tokens from the United States, and some executives and representatives from their ecosystem may attend this summit. With increasing speculation surrounding this summit, these four types of altcoins are good choices for cryptocurrency traders.