Lummis Reintroduces Bitcoin Act; Market Rebounds
Lummis Reintroduces Bitcoin Act; Market Rebounds By Kapil Rajyaguru
Bitcoin (BTC) price regained an upward trajectory after a bloodbath, briefly touching $83K as of early Asian hours on Wednesday and then settling back to $81.5K.
Most of Bitcoin’s gains followed Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years.
Altcoins – Major-league altcoins such as XRP, Solana (SOL), and Ethereum (ETH) have followed, surging 1%-7% intraday. Notably, Kaspa (KAS) has led the broader market gains, soaring 16%.
Crypto Market Cap – The crypto market added 3.5% value intraday, as indicated by a global market cap of $2.67 trillion.
Liquidations – Further liquidations from yesterday declined by over 58% and reached $389.61 million according to Coinglass data, offering relief to prices.
Memecoins — Meme coins’ prices have also mirrored an uptrend in sync with other coins’ prices today. Dogecoin (DOGE) price witnessed a 4% uptick and traded at $0.1610. Shiba Inu (SHIB) price followed, gaining 3%. Pepe Coin (PEPE) was up by a remarkable 7%.
Metaplanet Stock Shoots 8% on News of 162 Bitcoin Purchases, at an average price of $83,123 per coin. As of March 12, 2025, Metaplanet holds a total of 3,050 BTC, acquired at a cumulative cost of roughly $253.7 million, with an average purchase price of $83,180 per Bitcoin.
Franklin Templeton has joined the XRP ETF race with an S-1 filing with the US SEC. The asset manager joins Bitwise, Grayscale, Canary Capital, WisdomTree, and 21Shares which have also filed to offer an XRP ETF. The XRP price has surged on the back of this announcement.
US SEC Acknowledges Grayscale’s Hedera ETF Filing; HBAR is up by 3%
Cboe BZX Exchange has filed for staking to be permitted in Fidelity’s Ethereum ETF. Cboe says the application for staking has statutory backing and will ultimately assist the Trust “to better track the returns associated with holding ether.”
SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs. Bloomberg ETF analyst James Seyffart said the SEC’s decision delays on a slew of crypto ETFs are standard procedure and won’t affect their likely approval.
Technical Check
Bitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not “unusual in terms of magnitude, as similar corrections have occurred in past bull markets.”
However, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct. 14.
Ether risks correction to $1,800 as ETF outflows, tariff fears continue Ether is struggling to reverse a near three-month downtrend as macroeconomic concerns and continued selling pressure from US Ether exchange-traded funds (ETFs) weigh on investor sentiment.
Outlook
22,702 BTC Flow to Exchanges between February 20 and March 8, a trend Santiment notes as a common precursor to sell-offs and increased volatility.
While macroeconomic headwinds, including concerns over Trump’s tariffs and a potential trade war, may contribute to ongoing turbulence, Santiment added that the structural forces of accumulation, extreme trader pain, and widespread FUD are aligning in favor of a potential market rebound.
Overall, the broader market’s rising action has sparked considerable hope among traders and investors about a potential price recovery cooking. Nevertheless, it’s worth considering the highly volatile nature of digital assets could soon bring riveting movements back into action.
You need to login in order to Like
