Bitcoin surges past $90,000 ahead of White House Crypto Summit
1min read Bitcoin has recently surpassed the $90,000 mark, driven by the anticipation surrounding the upcoming White House Crypto Summit. This event, scheduled for March 7, 2025, is expected to bring together key industry leaders, executives, and policymakers to discuss the future of digital assets and regulatory frameworks. The summit has sparked significant speculation about potential policy changes, including rumors of a zero capital gains tax on digital assets. However, any executive order from the president would still require approval from the House of Representatives, adding a layer of uncertainty to the market's optimism.
The price of Bitcoin has shown remarkable volatility, recovering from a low of $81,400 to rise above $88,000 within a 24-hour period. This recovery is attributed to dip buyers stepping in, pushing the price up by 5%. The market's sentiment index has also recovered above 55.3%, indicating a bullish outlook. For Bitcoin to maintain its upward momentum, it must stay above the $90,000 mark and build towards reclaiming the $95,000 level. If successful, this could set the stage for further gains, potentially pushing Bitcoin towards $100,000.
The White House has indicated that the summit will address electronic assets, regulatory frameworks, and economic guidelines. The inclusion of Bitcoin, Ethereum, and XRP in the proposed strategic reserve plans has given these cryptocurrencies a significant boost. However, the prices started to decline as investors realized that congressional approval is necessary for the implementation of these plans. Despite this, the overall market sentiment remains positive, with altcoins like Ethereum, XRP, Solana, and ADA also experiencing price rebounds.
The market's total cap has increased by 4.08% to $2.86 trillion, reflecting a broader recovery in the crypto market. Ethereum has surged past $2,200, with a 7% increase over the past 24 hours, now trading around $2,240. XRP has also shown strength, holding above a critical support trend and signaling a possible breakout. Analysts suggest that if Bitcoin holds key support levels, altcoins may continue their bullish momentum, leading to further gains for major altcoins.
