Bitcoin Price Retraces After Weekend SurgeBTC prices plunged to $84,500 today, erasing much of the weekend's gains. This 10% decline follows Sunday's peak, which was fuelled by Trump's crypto reserve announcement.
Trump Tariffs Trigger Market Sell-OffTrump's tariffs caused a $300B crypto loss, with Bitcoin and Ethereum dropping, raising mining costs and testing Bitcoin's "safe haven" status.
White House Crypto SummitTrump's announcement of a strategic crypto reserve, including Bitcoin, Ethereum, XRP, Solana, and Cardano, briefly revived the market, with the March 7 summit set to reveal more details.
Fed Policy Remains in FocusKey economic data, including jobless claims, the US jobs report, & Powell's speech, alongside the Crypto Summit on March 7, could drive market volatility
Market Sentiment Signals CautionOn-chain metrics show bearish signs, with the Coinbase Premium Index dropping, SOPR below 1, & the Crypto Fear & Greed Index at 24, indicating continued market fear
Conclusion:For now, traders should prepare for heightened volatility. The battle between macro headwinds & crypto-specific developments will likely define Bitcoin's path through March.