Bitcoin (BTC) has risen to $90,000 U.S. ahead of a highly anticipated “Crypto Summit” that’s scheduled to take place at the White House on March 7.
The largest cryptocurrency by market capitalization is now trading at its highest level in nearly a week as investors brace for news coming out of the White House meeting on digital assets.
Other cryptocurrencies are also rising, with Dogecoin (DOGE) gaining 10% and Ethereum increasing (ETH) 6% over the last 24 hours.
Crypto has been volatile alongside stocks after U.S. President Donald Trump implemented blanket 25% tariffs on imports from Canada and Mexico.
Not even news that the U.S. plans to create a strategic crypto reserve has been enough to calm jittery markets and nervous investors.
Yet hopes are being revived that the U.S. will come out with concrete plans for cryptocurrencies and new measures that will strengthen digital coins and tokens.
Futures markets are pricing in a $5,000 U.S. price swing in Bitcoin up or down following the Crypto Summit at the White House.
However, analysts warn that the crypto market remains unsettled and volatile, and any disappointment coming out of the summit could lead prices to plunge.
Market data shows that Bitcoin's share of the cryptocurrency market currently exceeds 60%, which typically happens during periods of fear.
So far this year, the price of Bitcoin has declined 4% to trade at $90,110 U.S. per token.
