On today’s cryptocurrency scene, US President Donald Trump is slated to convene the inaugural White House Crypto Summit on March 7, an event that will assemble industry leaders to deliberate on regulatory measures, stablecoins, and possible legislation for Bitcoin reserves. In other news, the Chicago Mercantile Exchange (CME) Group has declared its plans to introduce Solana futures contracts in March, while concerns over international trade continue to put a strain on investor sentiment, potentially leading to a Bitcoin correction beneath the critical $75,000 support level.
Trump’s First White House Crypto Summit Scheduled for March 7
US President Donald Trump will orchestrate the first-ever White House Crypto Summit on March 7, facilitating a roundtable discussion among industry thought-leaders on regulatory frameworks, stablecoin supervision, and Bitcoin’s potential role in the US monetary system.
The participants will comprise “notable founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets, as per a statement forwarded by the White House “AI and crypto czar,” David Sacks, in a March 1 X post. Sacks and Bo Hines, the executive director of the Working Group, will preside over the summit.
Sacks was appointed as the White House Crypto and AI Czar on Dec. 6, 2024, with the mandate to “establish a legal framework so the Crypto industry can thrive in the U.S.,” as per Trump’s announcement.
Chicago Mercantile Exchange Group Set to Roll Out Solana Futures on March 17
The Chicago Mercantile Exchange (CME) Group, a renowned global derivatives exchange, has announced its intention to launch Solana (SOL) futures contracts on March 17, contingent on approval from United States financial regulators.
As stated in the Feb. 28 announcement, market participants will be able to trade in micro contracts of 25 SOL or standard contract sizes of 500 SOL, with all contracts being cash-settled. CME Group already offers futures and options contracts for Bitcoin (BTC) and Ether (ETH) to investors aiming to hedge against the highly volatile nature of these digital assets.
The introduction of Solana futures contracts gives traditional finance investors more exposure to the crypto markets and injects fresh capital into the crypto landscape, which should bolster prices.
Bitcoin Risks Further Drop if $75K Support Fails Amid Macroeconomic Concerns
Bitcoin could be headed for further downturn if it breaches the crucial $75,000 support threshold due to mounting fears of a possible trade war between the United States and China.
Bitcoin’s (BTC) price has dipped by over 6.5% in the past 24 hours, falling beneath a low of $78,197, last observed on Nov. 10, 2024, according to data from Cointelegraph Markets Pro.
Analysts attribute the current slump to macroeconomic worries related to a potential trade conflict between the US and China, sparked by US President Donald Trump’s decision to impose import tariffs. Ryan Lee, chief analyst at Bitget Research, believes these concerns led to Bitcoin losing the $80,000 support.
However, some analysts fear that Bitcoin’s correction may force the leading cryptocurrency to revisit the $70,000 mark. Based on its correlation with the global liquidity index, Bitcoin’s lowest bid price might drop below $70,000 towards the end of February, following its peak near $110,000 in January.
