The post Bitcoin Soars Above $90K as Lutnick Confirms Trump Plan appeared on BitcoinEthereumNews.com.

Bitcoin has climbed back above the $90,000 mark on Wednesday. The upcoming crypto summit at White House on March 7 can act as a catalyst. Arthur Hayes believes Bitcoin’s drop signals slowdown in U.S. government spending. Bitcoin’s price has surged by over 8%, crossing the $90,000 mark. After a week of volatility, Bitcoin looks set to continue its upward momentum. This latest price jump also comes just before an announcement from Donald Trump’s Commerce Secretary, Howard Lutnick. Lutnick affirmed that Trump will introduce a U.S. strategic Bitcoin reserve at Friday’s White House crypto summit. The summit will assemble key crypto industry leaders and founders. Its aim will be on developing a regulatory framework for the crypto space. Of note, last weekend, Bitcoin and other major cryptocurrencies, including Ripple’s XRP, Solana, and Cardano, all experienced sharp price increases. This happened after Trump revealed his plans to create a U.S.-focused crypto reserve on his Truth Social account. “The President definitely thinks that there’s a Bitcoin strategic reserve. A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday,” Lutnick told The Pavlovic Today. Analyst Hayes Predicts Possible Bitcoin Dip to $75K Despite Surge However, Arthur Hayes, co-founder of BitMEX  is predicting that Bitcoin may hit $75,000 before completely recovering. He also pointed to global liquidity issues, such as China holding back its monetary stimulus, which could impact both traditional and crypto markets.  In spite of these short-term challenges, Hayes remains positive about Bitcoin’s long-term potential. He anticipates a possible price surge to $1 million in the coming years. Hayes also projected that while Bitcoin’s dominance will grow, altcoins will follow as well.  Strategic Bitcoin Reserve: Hayes Warns of Potential ‘Market Disruption’ Hayes also…

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Filed under: News - @ March 5, 2025 6:21 pm