Bitcoin reclaims $88k to reverse the days losses amid market turbulence
Bitcoin (BTC) climbed back to $88,900 on March 5 after dipping to a daily low of $81,500 earlier in the day, recovering most of the losses recorded over the past 24 hours.
Based on CryptoSlate data, Bitcoin was trading at $87,524 as of press time , up 2% for the day after falling almost 10% earlier in the day.
The wider market also rebounded with the flagship crypto to erase double-digit losses recorded throughout the day.
Ethereum (ETH) similarly climbed to $2,217, before retracing to $2,176 as of press time, up 2.5% over the past 24 hours. Meanwhile, BNB was up 2.87% over the past 24 hours and trading at $584.
XRP was up over 7% to $2.47 as of press time, while Solana (SOL) climbed 2.4% to $145.54 after falling to a daily low of $130. Cardano (ADA) was up 11% for the day to trade at $0.94 as of press time.
Trumps crypto reserve
The recovery comes after a week of significant volatility triggered by several market-moving factors, including a surge earlier in the week following President Donald Trumps announcement of a US Crypto Strategic Reserve.
On March 2, Trump revealed his plans to establish a government-backed crypto reserve that would include Bitcoin, Ethereum, Ripples XRP, Solana, and Cardano. The announcement briefly sent Bitcoin soaring to nearly $94,000, sparking optimism across the broader crypto market.
However, the rally was short-lived, with Bitcoin and other cryptocurrencies retracing their gains as market participants remained cautious about the potential risks and practicalities of such a reserve.
The initial surge earlier in the week was initially seen as a signal of increasing nation-state interest in crypto and a potential step toward legitimizing digital assets. However, the concerns around centralization in some of the proposed coins have caused some to question their value as a reserve asset.
Additionally, the reactionary tariffs implemented by countries against the US in response to Trumps policies further spooked the markets causing significant losses across markets, including equities.
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Text source: CryptoSlate
