Here’s what happened in crypto today
Today in crypto, US President Donald Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulations, stablecoins and Bitcoin reserve legislation, the Chicago Mercantile Exchange (CME) Group announced the launch of Solana futures contracts in March, and global trade concerns continue pressuring investor sentiment, risking a potential Bitcoin correction below the key $75,000 support level.Trump to host first White House crypto summit on March 7US President Donald Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulatory policies, stablecoin oversight, and the potential role of Bitcoin in the US financial system.The attendees will include “prominent founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets, according to an announcement shared by the White House “AI and crypto czar,” David Sacks, in a March 1 X post.The summit will be chaired by Sacks and administered by Bo Hines, the executive director of the Working Group.Sacks was appointed White House Crypto and AI and Czar on Dec. 6, 2024, to “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” Trump wrote in the announcement. Chicago Mercantile Exchange Group to launch Solana futures on March 17The Chicago Mercantile Exchange (CME) Group, a globally recognized derivatives exchange, announced it will launch Solana (SOL) futures contracts on March 17, pending a review by United States financial regulators.According to the Feb. 28 announcement, market participants will have access to micro contracts of 25 SOL or standard contract sizes of 500 SOL, and all contracts will be cash-settled. CME Group already provides futures and options contracts for Bitcoin (BTC) and Ether (ETH) to investors looking to hedge against the highly volatile nature of these digital assets.The addition of Solana futures contracts gives traditional finance investors additional exposure to the crypto markets and provides the crypto markets with fresh capital injections that should support prices.Bitcoin risks deeper drop if $75K support fails amid macro concernsBitcoin risks more downside if it loses a “key” $75,000 support amid growing concerns over a potential trade war between the United States and China.Bitcoin’s (BTC) price has fallen more than 6.5% during the past 24 hours to sink below a low of $78,197, which was last seen on Nov. 10, 2024, Cointelegraph Markets Pro data shows.Analysts attribute the current decline to macroeconomic concerns related to a potential trade war between the US and China caused by US President Donald Trump’s decision to impose import tariffs.These macroeconomic concerns were the main reason for Bitcoin losing the $80,000 support, according to Ryan Lee, chief analyst at Bitget Research.The analyst told Cointelegraph:“Bitcoin’s drop below $80,000 amid investor fear from Trump’s tariffs and market unrest, points to a correction likely hitting $76,000-$78,000 this week, nearing $75,000 as a key support level based on historical patterns and trader sentiment.”Still, some analysts are concerned that Bitcoin’s correction may see the world’s first cryptocurrency revisit $70,000.Based on its correlation with the global liquidity index, Bitcoin’s right-hand side (RHS), which marks the lowest bid price someone is willing to sell the currency for, may fall below $70,000 around the end of February, after it peaked near $110,000 in January.