Bitcoin Rebounds Above $84K as Trump’s Crypto Summit and BlackRock ETF Move Boost Sentiment
After a brutal sell-off that wiped over $400 billion from the crypto market, Bitcoin (BTC) is showing signs of recovery, bouncing back above $84,400 after dipping to $78,000 last week.
Market sentiment remains fragile, with the Crypto Fear & Greed Index recovering slightly to 20 after plunging to 10—levels not seen since the 2022 bear market. While Bitcoin has gained over 3% in the past 24 hours, the CoinDesk 20 Index (CD20) has risen 1.5% to 2,700. However, Solana (SOL) is lagging, down nearly 3% on the day.
Trump Administration Fuels Optimism with Upcoming Crypto Summit
The rebound coincides with the announcement of a high-profile crypto summit hosted by Donald Trump on March 7. The event will bring together key industry figures, including CEOs, major investors, and members of the President’s Working Group on Digital Assets, according to a press release.
Trump’s administration has recently signaled a friendlier stance on digital assets, with the SEC dropping lawsuits against Coinbase and Consensys while ending investigations into firms like Robinhood, Gemini, Uniswap Labs, and OpenSea.
BlackRock’s Bitcoin ETF Makes Its Way Into Model Portfolios
Investor sentiment was further boosted by BlackRock’s decision to integrate the iShares Bitcoin Trust (IBIT) into one of its model portfolios. The world’s largest asset manager has allocated 1% to 2% of its alternative asset portfolio to IBIT, a move that could pave the way for greater institutional adoption of Bitcoin ETFs.
This marks the first time BlackRock has included IBIT in any of its model strategies, opening the door for advisors and wealth managers to gain exposure to Bitcoin through a regulated vehicle. As of December 31, 2024, BlackRock’s model portfolios manage approximately $150 billion in assets.
With Trump’s pro-crypto policies and increasing institutional involvement, Bitcoin’s recovery could gain momentum in the coming weeks.
