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Market update: Bitcoin in upward trend

The crypto market is on the rise again. On Thursday morning, March 6, Bitcoin (BTC) is at 92,000 USD, up 5.2% from the day before.

By Mike Hesp
• 2 min read
Market update: Bitcoin in upward trend

The crypto market is on the rise again. On Thursday morning, March 6, Bitcoin (BTC) is at 92,000 USD, up 5.2% from the day before. Altcoins are also doing well: Ethereum (ETH) rises by 5.1%, Solana (SOL) gains 4.4% and Dogecoin (DOGE) is up 7.6%.

With only 9% to go to the magical USD 100,000 mark, Bitcoin seems to be getting closer to a historic milestone.

The recent rebound largely erased the late February dip that saw BTC briefly drop below USD 80,000. An important driver behind the increase appears to be the upcoming summit meeting in the White House. On Friday, March 7, US President Donald Trump will receive several prominent figures from the crypto industry during the first-ever White House Crypto Summit. Attendees include Michael Saylor (founder of MicroStrategy), Brian Armstrong (CEO of Coinbase) and Vlad Tenev (CEO of Robinhood).

According to US Commerce Secretary Howard Lutnick, Trump would consider building a strategic Bitcoin reserve , an announcement that could come as soon as Friday. According to Lutnick, other cryptocurrencies would be treated “positively, but in a different way”.

In addition, Bitcoin ETFs once again experienced positive capital inflows on Wednesday, March 5. A total of USD 22.1 million flowed into Bitcoin index funds, with BlackRock once again leading the list with USD 38.9 million inflows.

BlackRock, meanwhile, continues to actively promote Bitcoin. Last week, the asset manager announced that BTC was included in their model portfolio for the first time. Additionally, the company published a report that once again highlighted Bitcoin's scarcity:

“To illustrate how scarce Bitcoin is, if every millionaire in the US asked their financial advisor to buy 1 BTC, there wouldn't be enough available,” the BlackRock authors write.

With these developments, Bitcoin seems to be getting closer to the six-figure price again. The question is: will BTC break through 100,000 USD this week?

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.