The cryptocurrency market is recovering with Bitcoin rebounding above $84K, driven by former President Trump’s planned crypto summit and BlackRock’s inclusion of Bitcoin in its models. The Crypto Fear & Greed Index has improved from extreme fear as optimism returns, signaling a shift in the market’s mood after a significant decline.
The cryptocurrency market is on an upward trend, pulling itself from the depths of a recent downturn, notably with Bitcoin (BTC) soaring above $84,400. This resurgence comes after a tumultuous month where Bitcoin’s price had dipped to $78,000, causing a staggering $400 billion loss across the market. A ray of hope emerges as the Crypto Fear & Greed Index has climbed from an alarming 10 to a more hopeful 20, although it still reflects a sense of extreme fear.
The anticipated crypto summit, set to be hosted by former President Donald Trump on March 7, aims to unify leading figures from the crypto realm alongside White House officials and members of the President’s Working Group on Digital Assets. This gathering symbolizes a shift in policy as the Trump administration positively embraces the cryptocurrency landscape, particularly following the SEC’s dismissal of lawsuits against key industry players like Coinbase.
Adding to the bullish sentiment, financial giant BlackRock has introduced a 1% to 2% stake in its iShares Bitcoin Trust (IBIT) within its model portfolios. This strategic move marks a significant endorsement for Bitcoin and could pave the way for heightened interest in Bitcoin ETFs, especially as BlackRock manages approximately $150 billion in assets across these portfolios.
In light of these developments, Bitcoin dip-buyers have started to emerge as optimism trickles back into the market. The weekend promises to be intriguing as investors await future trends, keen to see where this revitalized energy may lead the ever-evolving crypto market.
Francisco Rodrigues, a CoinDesk reporter well-versed in the crypto sphere, highlights that enthusiasm is growing among traders as the market shifts gears toward recovery, with significant implications riding on the upcoming events.
Overall, the cryptocurrency market shows signs of rejuvenation, led by Bitcoin’s noteworthy rebound above $84,400. The positive trajectory is largely influenced by Trump’s forthcoming crypto summit and BlackRock’s strategic portfolio shifts, both of which hint at a stronger institutional interest in digital assets. As the landscape continues to evolve, traders remain vigilant, energized by the returning optimism, ready to navigate the weekend’s unfolding events.
Original Source: www.coindesk.com
