White House to Host Crypto Summit Amid Bitcoin Buying Spree

The White House is set to host a crypto summit tomorrow, where President Donald Trump and top regulators will meet with TradFi and crypto executives. This comes on the heels of recent news that large holders have been buying up Bitcoin, with over 43,000 units worth $2.7 billion acquired in the past 60 days.

The market has seen a sharp selloff in AI-related stocks, including Nvidia and Micron, which has weighed on the Philadelphia Semiconductor Index. Long-term Treasury yields are also surging, while Middle East tensions have added to the pressure.

BlackRock has reaffirmed its bullish thesis on Bitcoin, viewing the cryptocurrency's recent 50% pullback as a correction rather than a change in its investment case.