Crypto Market Recovers as Bitcoin Surges Past $84K Amid Anticipation of Trump’s Summit

Bitcoin Rebounds Above $84K as Trump’s Crypto Summit and BlackRock’s ETF Move Boost Sentiment

The cryptocurrency market is staging a recovery after experiencing its worst monthly drop in three years, with Bitcoin (BTC) bouncing back above $84,400. The rebound follows a sharp decline to $78,000, during which the total crypto market capitalization shed over $400 billion.

The slump drove the Crypto Fear & Greed Index down to 10—levels not seen since the 2022 bear market—before rebounding slightly to 20. While sentiment remains in “extreme fear” territory, Bitcoin has gained over 3% in the last 24 hours, and the CoinDesk 20 Index (CD20) is up 1.5% to 2,700. Meanwhile, Solana (SOL) is down nearly 3%, offsetting gains in other major cryptocurrencies.

Trump’s Crypto Summit Sparks Market Optimism

A key driver behind the recovery is the announcement of a March 7 crypto summit hosted by former U.S. President Donald Trump. According to a press release, the event will feature leading industry figures, including top executives, investors, and policymakers from the President’s Working Group on Digital Assets.

Trump’s administration has recently signaled strong support for the crypto industry. The SEC has dropped lawsuits against Coinbase and Consensys while also halting investigations into major firms like Robinhood, Gemini, Uniswap Labs, and OpenSea.

BlackRock’s Bitcoin ETF Inclusion Strengthens Institutional Confidence

Adding to the bullish momentum, BlackRock—the world’s largest asset manager—has introduced a 1% to 2% allocation of its iShares Bitcoin Trust (IBIT) into one of its model portfolios. These investment models provide asset allocation strategies that financial advisors and platforms use to manage funds.

This move marks the first time BlackRock has incorporated IBIT into its portfolios, potentially driving greater institutional adoption of Bitcoin ETFs. With approximately $150 billion in assets under management as of December 31, 2024, BlackRock’s decision could pave the way for increased demand in the crypto sector.