Bitcoin (BTC) climbed back to $88,900 on March 5 after dipping to a daily low of $81,500 earlier in the day, recovering most of the losses recorded over the past 24 hours.
Based on CryptoSlate data, Bitcoin was trading at $87,524 as of press time , up 2% for the day after falling almost 10% earlier in the day.
The wider market also rebounded with the flagship crypto to erase double-digit losses recorded throughout the day.
Ethereum (ETH) similarly climbed to $2,217, before retracing to $2,176 as of press time, up 2.5% over the past 24 hours. Meanwhile, BNB was up 2.87% over the past 24 hours and trading at $584.
XRP was up over 7% to $2.47 as of press time, while Solana (SOL) climbed 2.4% to $145.54 after falling to a daily low of $130. Cardano (ADA) was up 11% for the day to trade at $0.94 as of press time.
Trump’s crypto reserve
The recovery comes after a week of significant volatility triggered by several market-moving factors, including a surge earlier in the week following President Donald Trump’s announcement of a US “Crypto Strategic Reserve.”
On March 2, Trump revealed his plans to establish a government-backed crypto reserve that would include Bitcoin, Ethereum, Ripple’s XRP, Solana, and Cardano. The announcement briefly sent Bitcoin soaring to nearly $94,000, sparking optimism across the broader crypto market.
However, the rally was short-lived, with Bitcoin and other cryptocurrencies retracing their gains as market participants remained cautious about the potential risks and practicalities of such a reserve.
The initial surge earlier in the week was initially seen as a signal of increasing nation-state interest in crypto and a potential step toward legitimizing digital assets. However, the concerns around centralization in some of the proposed coins have caused some to question their value as a reserve asset.
Additionally, the reactionary tariffs implemented by countries against the US in response to Trump’s policies further spooked the markets causing significant losses across markets, including equities.
The post Bitcoin reclaims $88k to reverse the day’s losses amid market turbulence appeared first on CryptoSlate.
