The cryptocurrency market shows initial recovery signs of its worst month in three years after the price of Bitcoin (BTC) fell to $ 78,000 in a week that saw that the total market capitalization decreased by more than $ 400 billion.
The price drop saw the cryptographic index of fear and greed at 10, a level that had not been seen from the 2022 bear market. However, since then it has been recovered to 20 while it continues in the range of “extreme fear”.
The price of Bitcoin has now increased more than 3% in the last 24 -hour period to operate above $ 84,400, while the Coendesk 20 (CD20) index increased 1.5% in the same period to 2,700. Its performance is affected by submerged sun almost 3% in the period, while other components are available for the day.
The cryptocurrency market seemed to have captured an offer after the White House announced that the president of the United States, Donald Trump, will organize a cryptography summit on March 7. Summit attendees will include “prominent founders, CEO and investors of the cryptographic industry, as well as members of the president’s working group in digital assets, according to a press release.
The event is the last sign of the pro-critical policies of the Trump administration. It occurs after the United States Stock Exchange and Securities Commission (SEC) eliminated the demands against Coinbase and Metamk developers, as well as investigations on Robinhood, Gemini, Unisswap Labs and Opensa.
In addition, the world’s largest asset manager, Blackrock, added an assignment of 1% to 2% of its Ishares Bitcoin Trust (ibit) to one of its model portfolios. These models propose portfolio and rebalancing strategies that are subsequently executed by advisors and platforms. This is the first time that Blackrock has decided to add IBIT to any of its models, opening the potential of a new Bitcoin ETF demand wave.
As of December 31, 2024, Blackrock model portfolios administer approximately $ 150 billion in assets.
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