Bitcoin Surges Past $98K as Regulatory Hopes Rise

Bitcoin staged a late-week rebound, climbing back above $98,000, while the broader crypto market showed signs of life, with the total market cap recovering above $3.3 trillion. This recovery was supported by a more accommodating regulatory environment in the US and positive macroeconomic data, such as a rise in initial jobless claims, which hinted at a potential easing of the Federal Reserve's restrictive policies.

Several bearish catalysts kept Bitcoin prices subdued earlier in the week. The Federal Reserve's hawkish stance and persistent inflation concerns led to a drop in the odds of a March rate cut. Additionally, US President Donald Trump's hint at fresh tariffs on imports of automobiles, semiconductors, and pharmaceuticals, as well as concerns over FTX creditor repayments, put pressure on Bitcoin prices.

However, the market sentiment improved by the end of the week. The SEC's decision to drop its enforcement case against Coinbase aligned with President Trump's pro-crypto stance and pledge to ease regulatory pressures. Analysts such as Roman and Rekt Capital suggested that Bitcoin could reclaim a key support level and potentially break above six figures in the coming weeks.

Several major altcoins broke away from Bitcoin's trend, staging recoveries on the back of individual developments. The total altcoin market cap jumped from a weekly low of $1.36 trillion to over $1.45 trillion by Friday. The top performers for this week all posted double-digit gains, with Story (IP) leading the pack with a nearly 150% gain.

Story (IP) soared nearly 150% over the past 7 days, exchanging hands at $4.56 as of press time while its market cap was seated at $1.44 billion. The price rally was accompanied by a jump in trading volume from around $175 million on February 15 to nearly $1.44 billion, which showed significant demand among its traders. The token has skyrocketed over 370% from its all-time low of $1.00 since launching last week alongside Story Protocol's layer-1 mainnet and token airdrop.

Over the last 7 days, Sonic (S) broke out of its consolidation phase as it rose nearly 61% to $0.87 at the time of publication. Sonic's growing influence in the De