Bitcoin Rises to $92K, XRP Prices Fall as White House Crypto Summit Approaches
“A move back above the 50-day $97,000 level signals a victory for the bulls,” one trader said.
Posted by Shaurya Malwa | Edited by: Omkar Godbole Updated: March 6, 2025 12:40 UTC Published: March 6, 2025 9:40 UTC
Key points:
- Bitcoin rose above $92,000 and other key cryptocurrencies also posted gains amid expectations for the first-ever White House cryptocurrency summit on March 7.
- The crypto market had a turbulent week, rising 12% after President Trump announced plans to create a strategic token reserve, but then retreated amid expectations of concrete plans and new tariffs from the US.
- Bitcoin's share of the crypto market has surpassed 60%, which often indicates fear, while Ethereum's share has fallen to a five-year low of 9%, which may cause concern among altcoin investors.
Bitcoin topped $92,000 in Asia on Thursday morning, with major currencies up 5%, as traders geared up for the first-ever White House crypto summit scheduled for March 7 for signals on the market's future direction.
BTC hit $92,700 before profit-taking pushed it lower to $90,800 in the morning hours in Europe. Dogecoin (DOGE) rose 10%, leading the gains among major currencies, while Cardano’s ADA, Solana’s SOL, and Ethereum (ETH) all gained 6%. BNB Chain’s XRP and bnb were modestly up 2.5%, lagging behind the 3.5% gains on the CoinDesk 20 (CD20).
Thursday's price action helped support bulls after wild swings in crypto markets this week, with President Donald Trump on Sunday announcing plans to create a strategic reserve of tokens including XRP, ADA and ETH, sending the market up 12%.
However, that enthusiasm quickly faded as traders began to anticipate concrete plans and a new round of tariffs from the U.S. weighed on the broader market, which retreated on Tuesday. Cryptocurrency markets were on a steady rise, according to analysis from CoinDesk, as observers anticipated clear plans at Saturday’s summit.
“Investors are viewing this as a high-stakes, asymmetric event,” Singapore-based QCP Capital said in a note Wednesday, referring to the summit. “Will it be an unexpected catalyst that sends prices soaring, or will it expose the fragility of cryptocurrencies and trigger a deeper sell-off?”
“Look at the bigger picture. Corporate bond spreads are widening, with high-yield now exceeding Treasuries by 290 basis points, while the investment grade spread over high yield is 200 basis points. While this is not a panic signal, it is a trend worth watching closely,” QCP cautioned.
FxPro senior analyst Alex Kuptsikevich noted that Bitcoin's share of the cryptocurrency market is above 60%, which is typical for periods of fear, while Ethereum's share has fallen to a five-year low of 9%, which is a worrying sign for altcoin investors as inflows tend to be directed to BTC.
“Bitcoin continues to hover around the 200-day moving average, breaking out on Tuesday shortly after touching below $83,000. Market action Wednesday morning suggests a cautious attempt to form a bottom,”
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