Crypto Market Stabilizes as BTC Nears $90K with Potential for $95K
The crypto market has shown signs of stabilization after U.S. Commerce Minister Howard Lutnick indicated a possible announcement from President Trump regarding tariff relief on Canadian and Mexican imports. Key developments include:
- BTC approaching $90K, total crypto market cap at $2.9 trillion.
- Market anticipates three Federal Reserve rate cuts this year; 10-year Treasury yield down to 4.15% from 4.80%.
- Germany's fiscal policy changes have led to rising bond yields and a weaker dollar, which may boost risk-taking in the market.
- Technical charts suggest potential for BTC to revisit weekend highs of $95,000.
- Atlanta Fed’s GDP forecast is negative at -2.8%, raising concerns about stagflation.
- Upcoming U.S. ISM non-manufacturing PMI and nonfarm payrolls reports could significantly affect the crypto markets.
- Speculation surrounding Trump's crypto reserve strategy at the White House Crypto Summit this Friday.
Additional events to monitor:
- March 5: Circle hosts a webinar on the USDC economy.
- March 6: MegaETH deploys its public testnet.
- March 7: Trump holds the inaugural White House Crypto Summit.
- March 11: Bitcoin Policy Institute co-hosts "Bitcoin for America" event.
- March 12: Hemi blockchain mainnet launch.
Market movements show BTC up 2.85% at $90,063.44, ETH up 2.82% at $2,240.32. The U.S. dollar index is down 0.69% at 105.01, indicating a potential favorable environment for riskier assets.
Noteworthy price actions include:
- BTC funding rate at -0.0007% on Binance.
- CME Futures open interest for BTC at 139,245.
Recent acquisitions and ETF activities include:
- Metaplanet purchased 497 BTC, increasing total holdings to 2,888 BTC.
- BlackRock's Bitcoin ETF saw the highest trading volume in three months despite price declines.
- AAVE token jumped 21% following significant DAO proposals aimed at boosting value.
Investors should remain vigilant as upcoming economic indicators and political announcements could lead to volatility in the crypto markets.