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Bitcoin Rises Above $87,000 with a Narrowed 3.42% Increase in 24 Hours

Bitcoin rose above $87,000 and is now trading at $87,168, with a narrowed 3.42% increase in 24 hours.

Backlash to Crypto-Reserve Plan Raises Doubts on Its Prospects

There are many questions swirling around Washington and the crypto market regarding how exactly the Trump administration will attempt to execute on the president’s plan for a strategic cryptocurrency reserve.

Yet one important point is clear: The US would have to acquire three of the tokens that he wants included in the stockpile. And that’s causing backlash among both supporters and critics of the notion that the government should be invested in digital assets.

When Trump originally announced plans for a Bitcoin reserve last year, he said it would be based on crypto that the government already held, mostly from assets seized in criminal cases. While the US currently owns about $16.4 billion worth of Bitcoin and about $400 million worth of seven other tokens, its known wallets do not currently hold any of the cryptocurrencies known as XRP, SOL and ADA that Trump said on Sunday he wants included.

Chris Burniske: The Crypto Market Is Undergoing a Mid-Cycle Correction in a Bull Market

According to ChainCatcher, Placeholder partner Chris Burniske stated that the current market panic is an opportunity. He believes this is a mid-cycle correction in a bull market, and the peak of the cycle has not yet arrived. He maintains that even if Bitcoin continues to correct, it will not change his view; shaking out sales is not a good idea. Altcoins have fallen more than Bitcoin, and Bitcoin has fallen more than traditional assets.

Burniske pointed out that if the stock market weakens, U.S. authorities will take measures, and the crypto market reacts sharply to this. Those who fear missing out or try to time the market will be left behind when it reverses. He emphasized that this is the golden age of blockchain technology, gaining international recognition, with top teams committed to applications. Institutional investors were only allowed to enter the market last year and are holding onto their cryptocurrencies.

Blockstream Secures Billions for Bitcoin Lending Funds

Bitcoin developer Blockstream Corp. has secured a multibillion-dollar investment to launch three funds, including two that will enable crypto lending, according to people familiar with the matter.

The investment signals renewed appetite for a practice that fell out of favor after the collapse of Sam Bankman-Fried’s FTX in late 2022, but is set to benefit from a run-up in Bitcoin prices and a pro-crypto White House.

Blockstream in January said that it plans to launch a fund that underwrites Bitcoin-backed loans, and another that enables crypto borrowing with US dollars as collateral. A third fund will deploy hedge fund strategies.

Crypto Enters 'Golden Age,' Says Coinbase's Brian Armstrong, Touting Landmark SEC Win

Coinbase Global, Inc. CEO Brian Armstrong heralded a "golden age" for crypto, celebrating a landmark victory over the U.S. Securities and Exchange Commission that he said clears the path for innovation after years of regulatory battles.

The SEC dismissed its 2023 lawsuit against Coinbase on Feb. 27 as the regulator is pivoting toward a softer stance on digital assets under the crypto-friendly Trump administration.

The civil suit, which centered on whether crypto assets qualify as securities, was a "huge win for the industry," Armstrong said Tuesday during an industry event hosted by Morgan Stanley. In fact, he added, it turned out to be "a major marketing or brand tailwind for our company. You can't buy marketing this good."

Trump Blames Biden for Inflation, Calls It an "Economic Catastrophe"

In his first speech before Congress during his second term, U.S. President Donald Trump slammed the Biden administration for the ongoing inflation crisis, accusing its policies of driving up costs for American families.

Trump described the situation as an “economic catastrophe,” blaming Biden’s policies for skyrocketing energy prices and higher grocery costs, which, according to Trump, have made basic necessities unaffordable for millions of Americans.

Despite economists warning that his new tariffs could lead to even higher prices, Trump doubled down on his promise to tackle inflation. “I’m fighting every day to reverse this damage and make America affordable again,” he said, earning applause from Republican supporters.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $143.43 million. The total net asset value of Bitcoin spot ETFs is $99.37 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.77%.

The Bitcoin spot ETF with the highest net outflow on Mar. 4 was Fidelity Wise Origin Bitcoin Fund, with a net outflow of $46.08 million. Following that was ARK 21Shares Bitcoin ETF, with a net outflow of 43.92 million, according to SoSoValue.