Bitcoin surges to $92K, XRP prices muted as White House crypto summit looms
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Bitcoin rose above $92,000 and other major cryptocurrencies also saw gains as traders anticipate the first-ever White House Crypto Summit on March 7.
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The crypto market experienced a rollercoaster week with a 12% rise after President Trump revealed plans for a strategic reserve of tokens, followed by a retraction due to awaited concrete plans and new U.S. tariffs.
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Bitcoin's share of the crypto market exceeds 60%, a typical sign of fear, while ether’s share has dropped to a five-year low of 9%, indicating a potential troubling sign for altcoin investors.
Bitcoin rose above $92,000 in Asian morning hours Thursday, with majors jumping as much as 5%, as traders await the first-ever White House Crypto Summit scheduled for Mar.7 for cues on future positioning.
BTC rose to $92,700 before profit-taking saw it decline to $90,800 in European morning hours. Dogecoin (DOGE) surged as much as 10% to lead gains among majors, with Cardano’s ADA, Solana’s SOL and ether (ETH) rising 6%. XRP and BNB Chain’s bnb showed muted gains with a 2.5% jump, underperforming a 3.5% rise in the CoinDesk 20 (CD20).
Thursday’s price action helped buoy bulls after crypto markets roller-coasted this week as President Donald Trump revealed plans for a strategic reserve of tokens, including XRP, ADA and ETH, on Sunday, sending the market higher by 12%.
But that euphoria was doused as traders awaited concrete plans and a fresh round of U.S. tariffs went into play, with broader markets retracting on Tuesday. There has been a steady ascend in crypto markets, in line with a CoinDesk analysis, as watchers expect clear plans to emerge at Saturday’s summit.
“Investors view this as an asymmetric event with high stakes,” Singapore-based QCP Capital said in Wednesday broadcast message, referring to the summit. “Will it serve as the unexpected catalyst that sends prices soaring, or will it expose crypto’s fragility and trigger a deeper sell-off?”
“Lens out. Corporate bond spreads are widening, with high-yield spreads now sitting at 290 bps above Treasuries, while the investment-grade vs. high-yield spread stands at 200 bps. While this isn't signaling panic, it's a trend worth monitoring closely,” QCP cautioned.
FxPro senior market analyst Alex Kuptsikevich noted that bitcoin's share of the crypto market exceeds 60%, which is typical in periods of fear, while ether’s share has dropped to a five-year low of 9% — a troubling sign for altcoin investors as any inflows are bound for BTC.
“Bitcoin continues to flirt with the 200-day MA, popping out on Tuesday shortly after touching that level below $83,000. Wednesday morning's market dynamics reflect cautious attempts to form a bottom,” Kuptsikevich told CoinDesk in an email.
“A return to the area above the 50-day at $97,000 is a marker of bullish success,” he added.
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