Bitcoin Rises Toward $90,000 as Cryptocurrency Recovers to Earlier Losses from the Trade War Sell-Off.

Cryptocurrency recovered the majority of its losses, with the price of bitcoin returning to the crucial $90,000 mark.

According to Coin Metrics, the flagship cryptocurrency was 20% below its peak and up more than 1% at $86,927.54. Ether dropped to a low in November 2023 and then increased less than 1% to over $2,100.

Two of the smaller-cap coins cited in Trump’s unexpected speech, Cardano’s ADA and Ripple-related XRP, saw increases of 4.6% and 1.8%, respectively. Although it was trading off its lows, Solana’s SOL token was in the red.
Bitcoin-related stocks also managed to recover and turn a profit. While the bitcoin proxy stock Strategy, formerly known as MicroStrategy, surged 10%, Coinbase increased by almost 3%. All pure-play bitcoin miners saw increases, with Mara Holdings seeing a 1.4% rise. Robinhood increased little.

Cryptocurrencies and other risky assets saw sharp drops on Monday as traders struggled with worries that proposed tariffs would soon go into force. The excitement surrounding Trump’s alleged U.S. “strategic crypto reserve,” which some traders had anticipated would lift bitcoin out of a downturn, was eclipsed by that. In February, it recorded its worst month since 2022 after hitting a record in January.

A wave of protracted liquidations was sparked by Monday’s sell-off, forcing dealers to sell their assets at market value in order to pay off their loans. According to CoinGlass, almost $251 million worth of bitcoin and $146 million worth of ether were liquidated in the last day.

For updates on the reserve’s specifics and the administration’s plans to assist the sector, investors will be watching this week’s first White House Crypto Summit, which is set for Friday.