Crypto Prices Recover with Bitcoin Trading Above $84,400 Following Trump Summit Announcement
The cryptocurrency market shows signs of recovery following a significant downturn. Key points include:
- Bitcoin price dropped to $78,000, contributing to a total market cap decline of over $400 billion.
- The Crypto Fear & Greed Index fell to 10 but has since risen to 20, remaining in the “extreme fear” range.
- Bitcoin's price increased by more than 3% in the last 24 hours, now trading above $84,400.
- The CoinDesk 20 Index rose 1.5% to 2,700, although SOL decreased nearly 3% during the same period.
- The market reacted positively to the announcement of a crypto summit hosted by U.S. President Donald Trump on March 7, involving prominent industry figures and government officials.
- The SEC has ceased lawsuits against major crypto firms including Coinbase and Consensys.
- BlackRock added a 1% to 2% allocation of its iShares Bitcoin Trust (IBIT) to one of its model portfolios, potentially increasing demand for bitcoin ETFs.
As of December 31, 2024, BlackRock’s model portfolios manage around $150 billion in assets.