Synopsis
The crypto market surged on Wednesday, with Bitcoin reaching $92,793 before settling at $92,464, marking a 6.28% gain in 24 hours. Ethereum rose 5.5% to $2,294, while Cardano, Solana, and Dogecoin saw gains of up to 8%.
Bitcoin crossed the $90,000 mark following Commerce Secretary Howard Lutnick’s statement about President Trump’s plan to establish a U.S. Bitcoin reserve. Investors see this as a major step toward institutional adoption, fueling speculation that BTC could soon hit $100,000.
Ryan Lee, Chief Analyst at Bitget Research, said, “If implemented, this reserve could legitimize Bitcoin as a strategic asset, potentially driving prices toward $100,000 or higher while prompting a more transparent regulatory framework.” This could lead to policy shifts from regulatory bodies like the SEC’s Crypto Task Force, increasing institutional confidence.
The crypto market rallied on Wednesday, with Bitcoin touching $92,793 before settling at $92,464, up 6.28% in 24 hours. Ethereum climbed 5.5% to $2,294, while Cardano, Solana, and Dogecoin posted gains of up to 8%.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 53.78% BuyBTC 50 :: ETH 502.18% BuySmart Contract Tracker2.01% BuyDeFi Tracker-5.73% BuyAI Tracker-8.45% BuyTOP COINS (₹) Bitcoin7,962,838 (4.46%)BuyEthereum199,453 (3.71%)BuyXRP219 (2.68%)BuyBNB52,689 (2.23%)BuyTether87 (0.01%)BuyAlso Read: I love Bitcoin and Ethereum: What Trump said on cryptocurrency strategic reserve
Key drivers behind Bitcoin’s rally
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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Several factors are contributing to Bitcoin’s recent surge:
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Trump’s crypto reserve plan: The announcement of a federal crypto reserve signals a major policy shift favoring digital assets. Investors see this as a step toward institutional adoption and regulatory clarity.
Upcoming crypto summit: Anticipation is building around Trump’s White House summit on crypto, where officials are expected to discuss regulatory frameworks and institutional participation.
Regulatory developments: The potential approval of new legislation, including a bipartisan stablecoin bill and SEC-backed exchange-traded products, has further fueled optimism.
Market dynamics: Bitcoin has seen volatile price action recently, briefly exceeding $94,000 before a sharp dip below $83,000. However, continued investor enthusiasm suggests sustained bullish momentum.
Also Read: Peter Schiff calls Trump’s crypto reserve push a ‘Pump and Dump’, demands congressional probe
Market outlook
Despite market volatility, analysts see strong support for Bitcoin at $87,600, with resistance at $94,000. “If institutions regain confidence, Bitcoin could approach $100,000. However, if resistance holds, BTC may consolidate between $85,000 and $92,000 or correct toward $82,000,” said Sathvik Vishwanath, CEO of Unocoin.
With institutional interest growing and regulatory clarity on the horizon, Bitcoin’s path to $100,000 appears increasingly plausible. Investors now look to the upcoming crypto summit for further policy direction that could shape the market’s future trajectory.
Also Read: Pi Coin’s next move: Can it hit $100 and beyond?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
