Bitcoin and the broader cryptocurrency market saw a notable rebound on Saturday as anticipation built around former President Donald Trump’s upcoming crypto summit. Investors appeared optimistic about the event, leading to a surge in prices across major digital assets.

Bitcoin climbed to $85,000, reflecting an 8.5% increase from its lowest point earlier this week. At the time of writing, the world’s largest cryptocurrency was trading at approximately $84,600, marking a 2.1% gain within the past 24 hours. This upward trend was mirrored by the wider crypto market, pushing the total market capitalization of all cryptocurrencies to $2.8 trillion.

Altcoins also experienced strong gains, with some surging over 15%. Among the best-performing assets were Hedera Hashgraph, Celestia, Official Trump, Stellar Lumens, and Sonic. Their rapid appreciation further reinforced bullish sentiment in the market.

Trump’s summit, set to take place next Friday, is expected to be a major turning point for the crypto industry. The event will reportedly feature top government officials from the Treasury Department as well as a specialized crypto and AI task force led by David Sacks and Bo Hines. High-profile figures from leading cryptocurrency exchanges, including Coinbase, Gemini, and Kraken, are also expected to attend.

Several key players from the U.S. blockchain industry may join the discussions, including Charles Hoskinson of Cardano, Jed McCaleb of Stellar, Brad Garlinghouse of Ripple, and Nathan Allman of Ondo Finance. Their participation underscores the importance of U.S.-based blockchain innovation in shaping future regulations.

One of the most talked-about potential attendees is Elon Musk, who currently leads the Department of Government Efficiency (DOGE). Musk has long been a vocal advocate for cryptocurrency adoption, with Tesla holding over 11,500 Bitcoins valued at nearly $975 million. He is reportedly evaluating ways in which blockchain technology could help the U.S. government reduce operational costs.

Meanwhile, the regulatory landscape has been shifting following the resignation of SEC Chair Gary Gensler. The agency has recently dropped several legal battles against crypto firms, including Uniswap, Coinbase, and Gemini. This change in approach has been welcomed by industry leaders and investors alike.

As speculation grows around Trump’s potential plans for a U.S. Bitcoin reserve, the market remains highly attentive to upcoming developments. While Trump has positioned himself as pro-crypto, some of his economic policies—such as tariffs on American imports—have raised concerns over inflation and market volatility. Despite these uncertainties, Bitcoin and other cryptocurrencies appear poised for further gains as the summit approaches.