The crypto market has come under heavy selling pressure, and volatility could stick around for the foreseeable future as traders and investors continue to digest the fallout from the highly anticipated White House crypto summit.

The price of bitcoin has fallen under the $80,000 level for the second time in three weeks – somewhere the world’s largest cryptocurrency hasn’t traded since before November's U.S. election.

Last Friday, one day after signing an executive order to create a strategic Bitcoin reserve and digital asset stockpile, U.S. President Donald Trump vowed to sign stablecoin legislation before August and end crypto debanking. 

Still, that has left some wanting more.

"Donald Trump's much anticipated crypto summit was an exemplary exercise in public relations," Kai Warwzinek, co-founder of Impossible Cloud Network, said in a statement. "While promising great change for crypto, the US President delivered almost nothing."

Trump's executive order directs a full accounting of the federal government’s digital asset holdings. The U.S. will not sell any Bitcoin deposited into the reserve, and it will be kept as a store of value akin to a digital Fort Knox.

The order also establishes a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings. The government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings. The U.S. government possesses 198,109 BTC, worth about $16 billion at the current market price, according to Bitcoin Treasuries.

"If Trump's Bitcoin reserve plan lacks clear details, the volatility of cryptocurrencies may remain high," says Deutsche Bank’s Marion Laboure. "Time, money, and allocation are all uncertain. The market is cautious, focusing on profits if the plan progresses and focusing on losses if it stalls."

"All in all, the summit was lip service paid to a promise made to win an election," Warwzinek said. "As most suspected, Trump is far more concerned with other things like immigration, conservative social policy and strongarming trading partners. With this Bitcoin reserve delivered, if the crypto industry wants more from the President, it will likely have to give more."

Annualized BTC volatility spiked to 62.67% as of March 9, its highest level in over three months.

Over the past 24 hours, the overall crypto market is down more than 4%.

"The current crypto sell-off reveals a mismatch between expectations and reality," said Nic Puckrin, financial analyst and founder of The Coin Bureau. "Investors had admittedly unrealistic expectations for the crypto reserve and were disappointed when the details were revealed."

The Trump administration is more focused on long-term interest rates and the budget deficit, Puckrin noted, which means spending cuts and tariffs are here to stay.

"This may be painful for risk assets in the short term, but 10-year Treasury yields have been dropping like a stone," he said in a statement. "And, in the long-term, this is far more important to Trump – and his electorate – as it means interest rates will be coming down and the US will finally be able to dig itself out of its debt hole."

Given the current macroeconomic concern, risk assets will likely continue to experience more pain in the foreseeable future.

"The improving regulatory landscape and promise of integration with traditional finance rails will cement crypto’s important role in the US financial landscape," Puckrin continued. "It's worth celebrating this progress, instead of complaining about the gloomy short-term backdrop."

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