Crypto Market Rebounds as Bitcoin Surges Above $84K Ahead of Trump’s Crypto Summit
The cryptocurrency market is showing signs of recovery after enduring its worst month in three years, with Bitcoin (BTC) rebounding to $84,400 following a steep drop to $78,000. Over the past week, the total market capitalization of the crypto space plummeted by more than $400 billion, triggering widespread market fears.
The downturn saw the Crypto Fear & Greed Index nosedive to 10—its lowest level since the 2022 bear market—before recovering slightly to 20, though it remains in the “extreme fear” zone.
Bitcoin has climbed over 3% in the past 24 hours, while the broader CoinDesk 20 Index (CD20) has gained 1.5% to reach 2,700. Solana (SOL) slipped nearly 3% during the same period, but most other major cryptocurrencies posted gains.
Trump’s Crypto Summit Sparks Optimism
The market’s rebound coincides with news that former U.S. President Donald Trump will host a high-profile crypto summit on March 7. According to an official announcement, the event will feature key figures from the crypto industry, including founders, CEOs, and investors, as well as members of the President’s Working Group on Digital Assets.
The summit is the latest signal of the Trump administration’s pro-crypto stance. This follows the U.S. Securities and Exchange Commission (SEC) dropping legal actions against Coinbase and MetaMask developer Consensys, along with ending investigations into Robinhood, Gemini, Uniswap Labs, and OpenSea.
BlackRock’s Bitcoin ETF Allocation Fuels Institutional Interest
In another bullish development, BlackRock, the world’s largest asset manager, has allocated 1% to 2% of its iShares Bitcoin Trust (IBIT) to one of its model portfolios. These portfolios guide investment strategies and rebalancing decisions for advisors and financial platforms.
This marks the first time BlackRock has included IBIT in any of its models, potentially signaling greater institutional adoption of Bitcoin ETFs. As of December 31, 2024, BlackRock’s model portfolios manage approximately $150 billion in assets, setting the stage for a fresh wave of demand in the crypto market.
