Here is the English translation of the text, with the specified terms translated as requested: The recent downturn in the Altcoin market has left investors hoping that the White House Crypto Summit on March 7 would bring concrete policy benefits. Additionally, former US President Donald Trump's mention of BTC, ETH, XRP, Solana (SOL), and Cardano (ADA) last week had temporarily boosted market sentiment and driven up prices. However, the summit ultimately lacked critical details, leading to a muted market reaction. BTC price fell back to $78,706, and the Altcoins mentioned also experienced varying degrees of decline, weakening their previous gains. The White House Crypto Summit was originally seen as a crucial turning point for the market, with investors expecting the US government to clearly support the development of Cryptocurrencies and provide regulatory guidance, thereby instilling more confidence in the market. However, during the live broadcast, Trump mainly reiterated the content of the executive order, emphasizing the end of the government's anti-Cryptocurrency stance, but did not provide more specific measures. The only new content involved the stablecoin legislation process, but the details remained unclear, leading to the market's disappointment with the lack of further policy details. This caused the BTC price to fall back, and market funds flowed out, leading to an overall decline in risk assets. The strategic Cryptocurrency reserve plan of the Trump administration was seen as the US government's first explicit recognition of the strategic value of BTC and other mainstream Cryptocurrencies. However, BitMEX co-founder Arthur Hayes directly pointed out that the plan lacks substantial support, as the current fiscal situation of the US government is unable to support large-scale Cryptocurrency reserves, and there is still uncertainty about the policy implementation. Currently, the US government is facing fiscal deficits, inflationary pressures, and a high-interest rate environment. Whether there are sufficient funds and determination to promote the Cryptocurrency reserve plan is still a key concern for the market. Market analysts generally believe that if the plan cannot be implemented, it will be difficult for it to become a positive factor supporting the Crypto market in the short term. The market was optimistic about this plan before the summit, driving the BTC price forecast to temporarily break through $94,000, but as the news hype subsided, the price quickly fell back. XRP, Solana, and Cardano also experienced corrections, reflecting the market's uncertainty about policy execution. As the market leader, BTC briefly benefited from this policy expectation scenario, with the price reaching a high of $91,233 on the day of the summit. However, as of the time of writing, the price has fallen back to $78,706, a decline of 13.73%, with the lowest point reaching $76,606, indicating increased market volatility. The market's main concern is whether the policy implementation will be sufficient to support a sustained rise in the BTC price forecast. ETH, although affected by the strategic reserve and experiencing a short-term rise to $2,516, the price fell back as the summit did not provide more regulatory details. Currently, the Ethereum price is $1,845.45, with a high of $2,258.47 on the day of the summit, a decline of 18.29%. At the same time, the meme coin Dogecoin (DOGE), which was not included in the strategic reserve, was still affected by the overall market sentiment and was unable to escape volatility in the short term. The Dogecoin trend has historically been driven by retail and community sentiment, but due to the recent overall market sentiment being more subdued, and Elon Musk not expressing clear support, Dogecoin has not been able to demonstrate strong upward momentum. In addition to policy factors, the upcoming release of US consumer price index (CPI) and producer price index (PPI) inflation data will have a significant impact on the Crypto market. If the data shows that inflation is cooling, it may increase the likelihood of the Federal Reserve (Fed) cutting interest rates at its March 18-19 meeting, which would boost the Cryptocurrency market. However, if the data shows that inflation remains persistent, the Fed may maintain a high-interest rate policy, putting pressure on risk assets. From historical data, non-farm payroll data is also an important reference indicator for the market. In January 2023, non-farm employment increased by 353,000, far exceeding market expectations, indicating that the US labor market remains strong. If the March employment data continues to be strong, the Fed may be inclined to delay interest rate cuts, which will further affect the liquidity and price trends of the Cryptocurrency market.

Short-term Outlook and Long-term Trends

In the short term, the market will closely monitor US economic data and further details on regulatory policies. If the policies are implemented and provide a clear execution framework, the market may resume an upward trend. However, if regulatory risks escalate or the Federal Reserve's policies are less accommodative than expected, the prices of Altcoins may remain volatile.

In the long run, if the crypto-friendly stance of the Trump administration can be sustained, it may bring more institutional capital into the market, and the prices of BTC, ETH may rise. However, the market still needs to be vigilant about the actions of regulatory authorities, especially the potential risks associated with specific Altcoins such as XRP, SOL, and ADA.

About BingX

BingX, founded in 2018, is a leading global cryptocurrency exchange that provides a diverse range of products and services, including spot, derivatives, copy trading, and asset management, to over 10 million users worldwide. To cater to the market's needs, BingX regularly provides analyses on the historical price trends of mainstream cryptocurrencies such as BTC and ETH, meeting the needs of users from beginners to professionals. BingX is committed to providing a trustworthy platform and empowering users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly became the main partner of Chelsea Football Club, marking its exciting debut in the sports world.

Disclaimer: This article represents the views of BingX and provides market information. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and BingX will not be responsible for any direct or indirect losses incurred by investors.