The cryptocurrency market shows early signs of a recovery from the worst month three years after Bitcoin (BTC) prices plummeted to $78,000 a week, with space total market capitalization exceeding $400 billion.
The decline in prices caused the Crypto Fear & Greed Index to 10. However, since then, he has recovered to 20 while in the range of “extreme fear.”
Bitcoin prices have risen by more than 3% in the last 24 hours to more than $84,400, with the broader Coindesk 20 index (CD20) rising 1.5% to 2,700 over the same period. Its performance is affected by soaking the sol by soaking it by nearly 3% in that period, but other components are increasing that day.
The cryptocurrency market appeared to have received a bid after the White House announced that President Donald Trump would hold a crypto summit on March 7th. Participants at the summit are set to include “prominent founders, CEOs and investors in the crypto industry,” and, according to a press release, members of the president’s working group on digital assets.
The event is the latest indication of the Trump administration’s custody policy. The Securities and Exchange Commission (SEC) comes after a lawsuit against Coinbase and Metamask developer consumers, as well as an investigation by Robinhood, Gemini, Uniswap Labs, and Opensea.
Additionally, BlackRock, the world’s largest asset manager, has added an iShares Bitcoin Trust (IBIT) 1% to 2% allocation to one of its model portfolio. These models propose portfolio and rebalancing strategies that will be subsequently implemented by advisors and platforms. This is the first time BlackRock has decided to add IBIT to its model, opening up new demand opportunities for Bitcoin ETFs.
As of December 31, 2024, BlackRock’s model portfolio manages approximately $150 billion in assets. Read more: Bitcoin dip buyers are taking steps on Friday, what could weekend action bring?