What to know:
- In a twist of fate, Bitcoin has soared above the dizzying heights of $92,000, while other cryptocurrencies are playing it cool, all eyes glued to the impending White House Crypto Summit on March 7. 🎢
- This week has been a wild rollercoaster for the crypto market, with a 12% surge following President Trump’s grand announcement of a strategic reserve of tokens, only to be followed by a swift retreat as traders await the fine print and new tariffs. Talk about a plot twist! 📉
- Bitcoin now holds over 60% of the crypto market, a classic sign of fear, while ether has plummeted to a five-year low of 9%. Altcoin investors, brace yourselves! 😱
As the sun rose over Asia on Thursday, Bitcoin flirted with the $92,000 mark, while major players jumped up to 5%, all waiting for the White House Crypto Summit to drop some juicy hints about the future. ⏳
BTC peaked at $92,700 before profit-takers swooped in, sending it back down to $90,800 in Europe. Meanwhile, Dogecoin (DOGE) decided to party, surging 10%, while Cardano’s ADA, Solana’s SOL, and ether (ETH) joined the fun with a 6% rise. XRP and BNB Chain’s bnb, however, were the wallflowers, only managing a 2.5% jump. Ouch! 😬
Thursday’s price action was a breath of fresh air for bulls after a week of ups and downs, sparked by Trump’s announcement of a strategic reserve of tokens, including XRP, ADA, and ETH, which sent the market soaring by 12%. 🎉
But hold your horses! That euphoria was quickly doused as traders awaited solid plans and fresh U.S. tariffs, causing broader markets to retract on Tuesday. Yet, the crypto markets are still on a steady climb, as analysts expect clarity to emerge from Saturday’s summit. Fingers crossed! 🤞
“Investors see this as a high-stakes game,” said QCP Capital from Singapore in a Wednesday broadcast. “Will it be the unexpected spark that sends prices skyrocketing, or will it reveal crypto’s delicate nature and trigger a sell-off?” The suspense is killing us! 😅
“Look out! Corporate bond spreads are widening, with high-yield spreads now at 290 bps above Treasuries, while the investment-grade vs. high-yield spread is at 200 bps. Not panic, but definitely something to keep an eye on,” QCP warned. 👀
FxPro’s senior market analyst, Alex Kuptsikevich, pointed out that Bitcoin’s market share exceeds 60%, a typical sign of fear, while ether’s share has dropped to a five-year low of 9%. Altcoin investors, it’s time to sweat! 💦
“Bitcoin is still flirting with the 200-day MA, popping out on Tuesday after touching below $83,000. Wednesday’s market dynamics show cautious attempts to find a bottom,” Kuptsikevich told CoinDesk in an email. 💌
“A return above the 50-day at $97,000 would be a bullish success,” he added, leaving us all on the edge of our seats! 🎯
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2025-03-06 14:24