Bitcoin Traders Cautious Ahead of Trump’s Upcoming Crypto Summit
Recent developments in both traditional and crypto markets indicate a stabilization, although volatility indices remain high, suggesting caution for bullish investors.
- Bitcoin peaked at $92,700, recovering from lows of $81,500. Other cryptocurrencies like MOVE, CRO, ONDO, and Render rose 10% to 17%.
- Positive sentiment stems from rumors about a U.S. strategic bitcoin reserve announcement by President Trump during the upcoming White House crypto summit.
- Volatility indices like Volmex's BVIV are still elevated, with concerns surrounding potential economic slowdowns and fiscal consolidation affecting market sentiment.
- The inversion of the yield curve signals recession risks, with the Atlanta Fed forecasting a nearly 3% contraction in U.S. GDP for Q1.
Key upcoming events include:
- March 7: White House Crypto Summit hosted by President Trump.
- March 12: Mainnet launch of Hemi blockchain.
- March 16: CME Group to start trading solana futures.
Current market movements show:
- BTC is up 1.07% at $91,402.24.
- ETH has increased by 2.66% to $2,296.32.
- CME BTC open interest remains stable.
Funding rates for most major tokens are positive, indicating slight bullish sentiment, but institutions remain cautious amid ongoing risks.
Overall, while market recovery is observed, significant caution is advised due to persistent volatility and macroeconomic uncertainties.