Bitcoin surges to $92,000 as crypto market awaits White House summit
1min read Bitcoin prices surged to $92,000 during Asian morning hours on Thursday, with major cryptocurrencies experiencing significant gains. This surge came as traders eagerly awaited the first-ever White House Crypto Summit scheduled for March 7, hoping for cues on future market positioning. Bitcoin reached a high of $92,700 before profit-taking activities brought it down to $90,800 in European morning hours. Other major cryptocurrencies also saw substantial gains, with Dogecoin (DOGE) leading the pack with a 10% increase. Cardano’s ADA, Solana’s SOL, and Ether (ETH) also rose by 6%. However, XRP and BNB Chain’s BNB showed muted gains, increasing by only 2.5%, which underperformed the 3.5% rise in the CoinDesk 20 (CD20).
Thursday’s price action provided a boost to bullish sentiments after a volatile week in the crypto markets. The market had initially surged by 12% on Sunday following President Donald Trump's announcement of plans for a strategic reserve of tokens, including XRP, ADA, and ETH. However, this euphoria was short-lived as traders awaited concrete plans and the implementation of new U.S. tariffs, leading to a broader market retraction on Tuesday. Despite this, there has been a steady ascent in crypto markets, with analysts expecting clear plans to emerge at the upcoming summit.
Investors are viewing the summit as a high-stakes event with significant potential impact on the market. The outcome could either serve as a catalyst for further price increases or expose the fragility of the crypto market, triggering a deeper sell-off. Market analysts have noted that corporate bond spreads are widening, with high-yield spreads now sitting at 290 basis points above Treasuries, and the investment-grade vs. high-yield spread at 200 basis points. While this trend does not signal immediate panic, it is worth monitoring closely.
Bitcoin's dominance in the crypto market exceeds 60%, which is typical during periods of market fear. In contrast, Ether’s share has dropped to a five-year low of 9%, indicating that any inflows are primarily directed towards Bitcoin. This shift is a troubling sign for altcoin investors, as it suggests that Bitcoin is the primary beneficiary of market movements. 