Bitcoin Hits $92K: Trump’s Tariff Delay Impact on VDAs
Bitcoin Hits $92K: Trump’s Tariff Delay Impact on VDAsBy Kapil Rajyaguru
In today’s market discussion, we are going to cover:
- Why BTC and ETH are up despite extreme fear sentiment
- Why the MOVE token is on the move, and Ondo is up about 20%
- What is behind the Aptos rally
- Who is going to attend the White House crypto summit on March 7
Bitcoin:
Bitcoin crosses $92K as Trump delays Canada, Mexico auto tariffs
Donald Trump’s tariff delay on auto parts from Canada and Mexico led to a rise in risk markets on Thursday. Bitcoin rose above $92,500, while Bitcoin Cash (BCH), Chainlink’s LINK, and Aptos’ APT posted double-digit percentage gains. The U.S. dollar index dropped to its lowest level since early November, which may have also supported crypto prices.
- New Hampshire Bitcoin bill passes through House committee in a landslide
- Trump’s Crypto Reserve likely to be mostly Bitcoin, bigger than expected: Bitwise
Ethereum:
And now, moving to Ethereum, the second-largest crypto by market cap.
As we mentioned yesterday, Ethereum’s major update, the Pectra Upgrade, is coming soon. The Pectra upgrade will improve Ethereum’s transaction throughput, reduce fees, and support the growth of Layer-2 solutions.
- Trump’s World Liberty Financial purchases $21.5 million in ETH, WBTC, MOVE, Ondo tokens
- Arkham Intelligence data shows WLFI now holds over $78.5 million in digital assets as of March 6.
- Due to WLFI’s additional acquisitions, Ether is up by 7% and trading above $2200, and Movement Network’s MOVE token is up by 25%, trading around $0.4874. Ondo has a TVL of $1 billion with $250K.
Aptos:
Bitwise files to list a spot Aptos ETF; APT jumps by 14% (current price: $6.23)
Outlook:
Despite the positive price movement, the market remains cautious, as indicated by the Crypto Fear & Greed Index’s score of 25, showing “Extreme Fear.” Traders are uncertain, with one remarking, “No one has any idea what the hell is going on,” which underscores the confusion in market sentiment.
As anticipation builds for the upcoming US Crypto Summit on March 7, participants and analysts alike are deliberating over its impact on Bitcoin’s short-term performance. The summit will feature over 25 participants, including high-level members from the Presidential Working Group on Digital Assets, Strategy founder Michael Saylor, Chainlink co-founder Sergey Nazarov, and Coinbase CEO Brian Armstrong.
The upcoming US Crypto Summit could prove pivotal, offering clarity on regulation and future policy, ultimately influencing Bitcoin’s path forward. As always, traders will need to vigilantly monitor price movements and market news in this turbulent landscape.
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