According to data from Cryptoslate, Bitcoin prices were 101% recovered to trade for $94,003 on March 2nd for $94,003. Altcoins also recorded significant profits on Sunday, with XRP exceeding 37% in the last 24 hours to $2.94108.
Ethereum (ETH) has surpassed $2,504.08 over the last 24 hours, surpassing 13%, while Solana has earned more than 23%.
February’s Dip pushed Bitcoin into the Technical Bear Market
February has been the worst month for Bitcoin (BTC) since June 2022. According to cryptographic data, the largest cryptocurrency price fell to around $84,350, exceeding 17% last month, exceeding $101,000.
Bitcoin price was as low as $78,867 on February 28th. This was Bitcoin’s biggest monthly DIP since June 2022.
A price drop in February pushed Bitcoin into the technical bear market (if the asset price drops by more than 20%). Today, BTC prices have fallen more than 21% from the all-time high of $109,021.48, set on January 20th, US President Donald Trump’s inauguration day.
Cryptocurrency got off to a strong start in the month, but Bitcoin’s fear and greedy indicators still point to fear, indicating the decline in market enthusiasm caused by the November 2024 Trump election victory.
Why did Bitcoin see its worst month since June 2022?
Through his reelection campaign, Trump made bold promises to the crypto community. Trump has pledged to make the US a Bitcoin mining superpower, add it to the country’s BTC stockpile, create strategic Bitcoin reserves, and replace the anti-cryptic leadership of federal agencies. Trump also received the support of major crypto companies and CEOs, and he made a big donation to his campaign.
A day before Trump took office, Binance CEO Richard Teng told Bloomberg that Trump could lead a “golden age” for Crypto.
But since then, market sentiment has been tempered. The February price drop in Bitcoin is linked to greater financial market volatility amid the looming fears of a trade war. Wall Street stocks fell last month, weakening the US dollar.
Like this week, Trump threatened to impose new tariffs on imports from Canada, Mexico and China. Trump’s aggressive trade efforts set investors on Edge as he rushes away from Susannah Streeter, the head of money and markets at investment firm Hargreaves Lansdown.
The crypto community is unstable as it awaits a clear cryptographic regulatory framework from the Trump administration. Streeter added:
“The tension appears to continue as Trump hasn’t made a solid move to show his support for the crypto sector.”
Reflecting the sentiment, Gabe Selby, director of research at CF Benchmark, told Reuters.
“The initial excitement surrounding the Trump administration’s perceived procrypt stance appears to be in the re-calibration stage. A more clear regulatory framework or key catalyst (such as further ETF approval) is needed for sentiment to be crucially shifted.”
Additionally, Matt Simpson, senior market analyst at City Index, told Reuters that inflationary pressures have been rising while growth outlook declines. Amidst the circumstances and Trump’s preconceived notion that “thing elsewhere than regulating encryption,” Bitcoin traders are “not happy.”
Plus, the massive Bibit hack, which led to assets losses worth around $1.5 billion, has also hurt industry sentiment.
Most of Trump’s promises for the code have yet to be met
Trump has kept his word to some extent in the crypto community by nominating encryption-friendly individuals and running federal agencies such as the Securities and Exchange Commission (SEC).
Earlier this week, the SEC announced that it would abolish enforcement action against Coinbase. Crypto Exchange was accused of violating the securities law by providing unregistered securities.
Former SEC chief Gary Gensler, known for his anti-cryptic attitude, resigned on January 20th.
A post about the truth about social media platforms today surfaced social social, where President Trump said his executive order on digital assets would direct presidential working groups to establish strategic crypto sanctuaries. He said Bitcoin and Ethereum (ETH) are in the “centre of the reserve” along with XRP, Solana (SOL) and Cardano (ADA).
However, in some aspects of the crypto industry, changes in custody turnover have not yet been revealed. Speaking on Ethdenver, for example, Caitlyn Long, CEO of Custodia Bank, said “nothing changes” when it comes to the crypto defill issue. She pointed out:
“…() perception is that there was a slacking, but none of the federal banking institutions have actually overturned anti-cryptography guidance.”
Despite current decline and less ideal market sentiment, standard charter analyst Jeff Kendrick remains bullish. Kendrick believes Bitcoin could still reach $500,000 before Trump’s second administration conclusion.
When reporting 11:35pm, on March 2, 2025 UTCBitcoin ranks number one in terms of market capitalization, and prices are rising 9.91% Over the past 24 hours. Bitcoin’s market capitalization is $1.87 trillion, with 24-hour trading volume of $593.2 billion. Learn more about Bitcoin›
When reporting 11:35pm, on March 2, 2025 UTCthe total crypto market is $3.14 trillion, with a 24-hour volume of $1721.8 billion. Bitcoin’s advantage is currently 59.48%. Crypto Market Details›
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