On March 10, 2025, Bitcoin and other top cryptocurrencies faced significant declines, marking a distressing moment for the digital asset market. Bitcoin, the leading cryptocurrency, fell 4.54 percent within 24 hours, trading at approximately USD 82,226, or about Rp 1.33 billion, and down around 12.43 percent over the past week.
This downturn occurred against the backdrop of the recently held Crypto Summit at the White House, which took place on March 7, 2025. The summit brought together prominent figures from the cryptocurrency industry, including Coinbase CEO Brian Armstrong and Crypto Czar David Sacks. During the event, discussions centered on the Trump administration's plans to roll back stringent regulations posed by previous administrations.
President Trump’s administration is making headlines for its renewed focus on cryptocurrencies, as evidenced by the president's signing of executive orders aimed at forming what is termed the Strategic Bitcoin Reserve. This reserve is intended to be funded exclusively by Bitcoin seized during criminal and civil forfeiture cases, as initially reported by Sacks. He stated, "The reserve will be funded exclusively with Bitcoin seized from criminal and civil forfeiture cases, ensuring no financial burden on taxpayers."
While the initiative aims to position the US as the world's crypto capital, market reaction remains tepid. Prior to the summit, Bitcoin experienced its steepest drop of about 3 percent on March 7 and was projected to close the week with declines around 7 percent from its previous price of USD 87,000. This perception of instability was mirrored across the board, with Ether dropping 9.19 percent within the last day and over 20 percent within the week, placing its price at about Rp 32.9 million per coin.
Notably, other cryptocurrencies like Binance Coin (BNB) and Cardano (ADA) also saw dramatic declines. BNB dropped by 6.93 percent and ADA fell 10.77 percent within the same day. Such movements highlight the mounting caution among investors, particularly as the market grapples with regulatory uncertainty.
CEO of Coinbase, Brian Armstrong, reflected on these turbulent times, attributing some of the struggles to the previous administration's stance on cryptocurrencies. Speaking after the crypto summit, Armstrong remarked, "President Trump really gave life back to this industry over the past few years. We felt truly unfairly attacked by the previous administration. The president has taken leadership here and decided to bring it back to the US, and the results are positive." He also noted Coinbase’s plans to hire 1,000 people, responding proactively to what he sees as increasing regulatory clarity.
Despite these efforts, many industry leaders are calling for stronger support from the administration. The lack of enthusiastic backing at the summit left some feeling disillusioned, with concerns over whether the administration would enact the changes needed to spur meaningful growth.
Trump's crypto strategy includes not just the Strategic Bitcoin Reserve but also aims to establish frameworks for buying and holding cryptocurrencies securely and effectively, which many see as necessary for encouraging broader acceptance among mainstream investors. It is understood this reserve will only entail current holdings of Bitcoin seized by federal law enforcement, making the approach cautious yet strategic.
Yet, as cryptocurrency prices continue their downward trend, the overall market capitalization saw significant reductions, plummeting to USD 2.7 trillion as of March 10, reflecting broader market jitters. The dips of tokens like XRP, Solana (SOL), and Dogecoin (DOGE), which fell 8.00 percent, 7.73 percent, and remarkably 13.39 percent respectively, only strengthen this narrative of market instability.
Looking forward, Sacks and other officials have expressed hopes for greater regulatory collaboration, urging bipartisan support to create more predictable and beneficial regulations for the cryptocurrency industry. This sentiment echoes among crypto proponents who believe such regulatory clarity is pivotal for the long-term success of digital assets.
The question looming over investors and analysts alike is whether the proposed measures will bring about meaningful changes, enabling the crypto market to recover from its current volatility. With the existing enthusiasm tempered by caution, the path forward for Bitcoin and other cryptocurrencies remains uncertain.
Despite the turbulence, support for cryptocurrency continues among various segments of the population, with many eyes trained on the government’s next steps. The challenge lies not just within the documentations and regulatory frameworks but also within reestablishing trust among wary investors who have braved the remarkably volatile crypto corridors. Only time will tell if the measures put forth by the Trump administration will succeed or if the industry must brace for more fluctuations ahead.