US President Donald Trump, in his latest speech at the Digital Asset Summit in Manhattan, rallied behind the crypto industry once again, saying the new-age industry will spark economic growth in the US. Trump, in a brief pre-taped speech, said crypto is "as big as you can get". "Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike...You will unleash an explosion of economic growth."

Trump said his government is ending the last administration's regulatory war on crypto and Bitcoin. “We’re ending the last administration’s regulatory war on crypto and Bitcoin, and that includes stopping the lawless Operation Choke Point. Operation Choke Point went beyond regulation, and I mean far beyond. It was a form of lawfare through government weaponisation. Frankly, it was a disgrace. But as of January 20th, 2025, all of that is over," he said.

Trump recently signed two executive orders related to cryptocurrency after coming to power for the second term at the White House on January 20, 2025. While attacking the previous Biden administration for hurting the growth of the crypto industry in the US, Trump said: "I signed an order creating the brand new Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile, which will allow the federal government to maximise the value of its holdings instead of foolishly selling them for a fraction of their long-term value — which is exactly what Biden did. He got a fraction of their value," Trump said.

Despite some expectations of new announcements to address the crypto industry's concerns like taxes and de-banking issues, Trump talked about what the administration has done for the sector so far. "It's an honour to speak with you about how the United States is going to dominate crypto and the next generation of financial technologies...and it's not going to be easy, but we're way ahead."

Trump said with the right legal framework, institutions will be liberated to "invest, innovate, and take part in one of the most exciting technological revolutions in modern history". Trump also said he has called on Congress to pass "landmark legislation", creating simple, common-sense rules for stablecoins and market structure.

Bitcoin and other cryptos in red

The world's largest cryptocurrency Bitcoin (BTC) has currently been trading 1.1% down in the past 24 hours. The fall came after it hit a 10-day high crossing $86,000 before dropping 3% to below $84,000. The trajectory didn't reflect Trump's address at the Blockworks Digital Asset Summit, where he urged Congress to pass stablecoin legislation and reiterated his pro-crypto stance. "In the past 24 hours, $190M were liquidated from the market where bullish bets were $129M i.e. long positions," CoinSwitch market commentary says.

Additionally, Bitcoin's Open Interest dropped 3.94% in the last 24 hours, signalling reduced leverage. "USA Stocks corrected as Wednesday's rally lost steam. The Dow Jones Industrial Average dipped 0.03%. The S&P 500 fell 0.22% and Nasdaq Composite slid 0.33%," says CoinSwitch.

BTC has fallen 12.64% in the past month after hitting an all-time high of $104,411 on January 19, 2025, a day before Trump was officially sworn in as the new US President.

"Bitcoin's bullishness has fallen to a two-year low, a sign of a potential extended bear, while consolidation phases create doubt about forthcoming price action. Ethereum sits at a critical level with a choice of reclaiming a major or a sharp fall to come. Meanwhile, broader market volatility have Bitcoin, Ethereum, and Dogecoin losing gains despite political support for crypto adoption," says Avinash Shekhar, Co-Founder & CEO, Pi42.

Ethereum is also trading 0.61% lower at $1,970, with the second-largest crypto dropping 27.90% in the past month alone. Other top coins including Tether, XRP, Binance Coin, Solana, USDC, Cardano, and Dogecoin are all trading in the negative.

Operation Choke Point 2.0

Digital Asset Summit 2025: Trump vows end to 'Operation Choke Point 2.0', rallies behind crypto