Hold onto your hats, crypto fans! March 7 is promising a wild ride as the crypto summit at the White House is expected to bring some serious ups and downs in the market.
In a surprising turn of events, US President Donald Trump has kept one of his promises to the crypto community by signing an executive order to ensure the country holds onto its Bitcoin stash. But, don't break out the champagne just yet—Bitcoin prices haven't felt the love from this move.
Rewind to the weekend when things were relatively calm after Bitcoin's latest dizzying price swings. The digital currency was chilling at around $85,000 until Trump decided to spice things up on social media. He revealed plans for a US-based crypto reserve to include some altcoins and Bitcoin. The market went bananas, sending Bitcoin soaring to $95,000 in a flash. But hold your horses—it was a classic fakeout. Analysts had warned of a shaky rise, and sure enough, Bitcoin tumbled by $13,000, landing under $82,000 by Tuesday.
The rollercoaster didn’t end there. Bitcoin tried to regain its footing, teasing the $90,000 mark a couple of times, but just couldn't seal the deal. Thursday and Friday saw rejections that pushed Bitcoin back to $85,000. The Friday dip came shortly after Trump signed an order stopping the US government from selling any of its 190,000 BTC stash, valued at over $17 billion. Talk about a plot twist!
In a textbook “sell-the-news” moment, Bitcoin took a dive, only to bounce back to $91,000 hours later. But with another rejection, BTC is now wrestling below $90,000. The day isn’t over yet, and with the crypto summit on the horizon, brace yourselves for more excitement.
Zooming out, the weekly picture looks bright for Bitcoin and many altcoins, mostly because the entire market took a nosedive last Friday. But on a monthly scale, most assets are deep in the red.
Here's a quick market snapshot: Market Cap: $3T | 24H Vol: $150B | BTC Dominance: 58.3% BTC: $88,090 (+7.4%) | ETH: $2,194 (+1.1%) | XRP: $2.49 (+18.4%)
Ethereum’s sentiment is hitting rock bottom—could this be a hidden gem for savvy investors? Despite its underperformance, it might just be the contrarian play of the year.
Meanwhile, a dip in the Dollar Index could be crypto's new best friend. Analysts suggest that Trump’s plans to devalue the dollar could spell good news for Bitcoin and its altcoin buddies.
In other news, El Salvador’s President Nayib Bukele is sticking to his Bitcoin guns despite pressure from the IMF. He’s bullish on Bitcoin, come what may.
Ripple, Solana, and Cardano are making waves, too. Trump hinted at their possible inclusion in a US crypto reserve, sending their prices sky-high, although they came back down to earth soon after.
And finally, BitMEX's Arthur Hayes is seeing bullish signals in Trump’s economic strategies, while the infamous Bybit hacker, allegedly linked to North Korea, managed to launder a whopping $1.4 billion in just 10 days.
Stay tuned for a deep dive into the price analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana. The crypto world never stops spinning, and neither should your curiosity!
