Bitcoin Surges 10% as Trump's Crypto Summit and SEC Clarity Boost Market

Bitcoin surged nearly 10% on Friday, leading a broad rally in the cryptocurrency market, as investors reacted positively to major political and regulatory developments. The world's largest cryptocurrency was trading at $85,372 at press time, marking a 7.41% gain over the past 24 hours. Ethereum (ETH) climbed 6.61% to $2,231.66, while XRP surged 9.2% to $2.18. The broader market followed suit, lifting total cryptocurrency market capitalization by 6.31% to $2.83 trillion.

The sharp rebound came after a week of volatility, with investors buoyed by a landmark announcement from the White House. David Sacks, the White House AI and Crypto Czar, confirmed that President Donald Trump will host the first-ever White House Crypto Summit on March 7. According to an official White House letter, the summit aims to advance Trump's campaign pledge to revamp the cryptocurrency sector. The letter stated that the administration's policy is to support the responsible growth and use of digital assets across all sectors of the economy.

The summit will convene top industry leaders, including founders, CEOs, and investors, alongside members of the President's Digital Asset Task Force. Moderated by Sacks, discussions will center on regulatory clarity, market oversight, and the role of government in shaping the crypto economy. The event is expected to foster a more collaborative approach between the industry and regulators, potentially leading to a more favorable regulatory environment for cryptocurrencies.

Adding to the bullish momentum, the U.S. Securities and Exchange Commission (SEC) is set to launch a five-part roundtable series named "Spring Sprint Towards Crypto Clarity" to clarify cryptocurrency regulations. The first session, scheduled for March 21, will explore the theme "Defining the Security State," according to sources who talked to FOX Business reporter Eleanor Terrett. This series is seen as an effort by the SEC to provide much-needed clarity on the regulatory landscape for cryptocurrencies.

Regulatory tensions further eased this week as the SEC dropped its lawsuit against Coinbase, following a similar move with Binance. The agency also closed its investigation into Gemini without pursuing enforcement action. In another significant shift, the SEC announced that meme coins will be classified as collectibles rather