The cryptocurrency market shows the initial signs of recovery of its worst month in three years after the price of Bitcoin (BTC) plunged $ 78,000 in a week which saw the total capitalization of the space dropped by more than $ 400 billion.
The drop in prices has seen the Crypto Fear & Greed index go to 10, a level that had not been seen from the 2022 bear market. However, it has since returned to 20 while being in the range of “extreme fear”.
The Bitcoin price has now increased by more than 3% during the last 24-hour period to negotiate now above $ 84,400, while the wider index of Coindesk 20 (CD20) increased by 1.5% during the same period to 2,700. Its performance is affected by the soil by almost 3% during the period, while other components are in place for the day.
The cryptocurrency market seemed to have made an offer after the White House announced that US President Donald Trump is organizing a crypto summit on March 7. Summit participants should include “founders, CEOs and cryptographic industry investors, as well as members of the president’s working group on digital assets, according to a press release.
The event is the last sign of pro-Crypto policies of the Trump administration. This comes after the American Securities and Exchange (SEC) commission abandoned the prosecution against Coinbase and the developer Metamask Consensys, as well as the surveys on Robinhood, Gemini, Uniswap Labs and Opensea.
In addition, the largest asset manager in the world, BlackRock, added an allowance of 1% to 2% of his Ishares Bitcoin Trust (IBIT) to one of his model portfolios. These models offer portfolio and rebalancing strategies which are then executed by advisers and platforms. This is the first time that BlackRock has decided to add Ibit to one of his models, opening the potential of a new wave of Bitcoin ETF demand.
As of December 31, 2024, Blackrock’s model portfolios manage approximately $ 150 billion in assets.
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