Bitcoin Hits $82K; SEC Delays XRP, DOGE, and LTC ETF Applications
BTC price surged after Senator Cynthia Lummis reintroduced the BITCOIN Act, calling for the US to set aside 1 million BTC as a strategic reserve.
Shaurya Malwa | Edited by Parikshit Mishra on 12 Mar 2025 07:17 UTC
Key points:
- Bitcoin has recovered to nearly $82,000 after falling below $78,000, helping to fuel small gains in major tokens such as Ether, BNB Chain, XRP, and Cardano's ADA.
- The US Securities and Exchange Commission (SEC) has delayed its review of applications for XRP, Dogecoin and Litecoin, leaving the market in suspense.
- Senator Cynthia Lummis has reintroduced the BITCOIN Act, calling for the U.S. to purchase 1 million BTC as a strategic reserve, fueling speculation about the potential inclusion of major tokens in the reserve down the line.
Bitcoin (BTC) rose to nearly $82,000, picking up its gains after falling below $78,000 on Sunday evening, leading to a small recovery for the major token.
Ether (ETH), BNB Chain's BNB, XRP, and Cardano's ADA are up 3%, partially recouping losses over the past 7 days. The broad-based CoinDesk 20 (CD20) is up nearly 4%.
In other news, the US Securities and Exchange Commission (SEC) is delaying its decisions on applications for XRP, Dogecoin and Litecoin. Bloomberg analysts previously estimated the probability of Litecoin ETF approval by the end of the year at 90%, Doge at 75%, and XRP at 65%, but uncertainty from the regulator is keeping the market tense.
Traders are still expecting a decline to $74,000 and below before further gains can occur.
“Previously, such declines ended in a correction, which attracted buyers,” Alex Kuptskevich, chief market analyst at FxPro, told CoinDesk in an email.
“However, the probability of such an outcome is now lower than in previous years due to the strong influence of traditional financial companies, which has increased the correlation between the crypto market and stock dynamics. We still assume that the most likely scenario is a decline to the $70-$74 thousand range. This is especially true since the consolidation and rebound in early March brought the market out of short-term oversold conditions,” Kuptskevich added.
BTC's rise comes after Senator Cynthia Lummis reintroduced the BITCOIN Act, calling for the U.S. to purchase 1 million BTC as a strategic reserve. The bill, which Lummis first introduced last year, would have the government purchase 1 million bitcoins over five years.
The first $6 billion in cash transfers from the Reserve Banks will be set aside annually between 2025 and 2029 to build up the reserve and use of the Federal Reserve's gold certificates.
Some analysts suggest the possibility of including large tokens in such a reserve in the future.
“Altcoins like XRP, SOL, and ADA have seen stronger gains than expected as Senator Lummis reintroduced her Bitcoin Reserve Strategy Bill to purchase 1 million Bitcoin, with speculation that previously announced altcoins will be included in the reserve purchases later,” Nick Ruck, director of LVRG Research, said in a Telegram post to
Источник
