Bitcoin (BTC) rebounded to around $82,000 after briefly dropping below $78,000 on Sunday, sparking a small rally in major altcoins. Ether (ETH), Binance Coin (BNB), XRP, and Cardano’s ADA gained up to 3%, recovering some of last week’s losses.
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on proposed exchange-traded funds (ETFs) for XRP, Dogecoin (DOGE), and Litecoin (LTC), creating uncertainty in the market. Bloomberg analysts had estimated high chances of approval by year-end—90% for Litecoin, 75% for Dogecoin, and 65% for XRP. However, the SEC’s delay has cast doubt on these predictions, leaving investors on edge.
Some traders believe Bitcoin could drop to $74,000 before seeing a strong rebound. Analysts note that similar pullbacks in the past have attracted buyers, leading to price recoveries.
The chances of a dip to the $70,000–$74,000 range have increased, partly due to the growing influence of traditional financial firms. Their involvement has made crypto prices more closely tied to stock market trends. Analysts also point out that Bitcoin’s recovery in early March reduced oversold conditions, making another correction more likely.
Bitcoin’s price surge followed Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the U.S. government buy 1 million BTC over five years as a strategic reserve. Lummis first introduced the bill last year and argues that Bitcoin is not just a technological innovation but a key factor in maintaining America’s financial leadership.
Under the bill, between 2025 and 2029, the first $6 billion in remittances from reserve banks would go toward building this Bitcoin reserve, backed by the Federal Reserve’s gold certificates. Some speculate that in the future, other major cryptocurrencies could be included in this reserve.
Following Lummis’ Bitcoin reserve proposal, altcoins like XRP, Solana (SOL), and ADA saw stronger-than-expected gains, showing renewed investor optimism.
Bitcoin’s recent price action reflects the push and pull between bullish regulatory moves and ongoing market uncertainties. The excitement around a potential U.S. Crypto Strategic Reserve has fueled confidence, but broader economic conditions continue to affect sentiment.
At the time of writing, Bitcoin is trading at $82,299, up over 1% in the past day. However, it remains 24% below its all-time high.
Senator Lummis reintroduced the BITCOIN Act, which proposes the U.S. government purchase 1 million BTC to build a strategic reserve.
Bitcoin bounced back to $82,000 after a market rally triggered by small gains in major tokens like ETH, BNB, and ADA.
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