The crypto market registered a sharp recovery on Sunday after President Donald Trump announced the names of cryptocurrencies to be included in the strategic reserve. As a result, the crypto market cap surged nearly 9% to reclaim the $3 trillion mark and move to its current $3.08 trillion. Bitcoin (BTC) shrugged off its recent sluggishness to register an increase of over 8% to reclaim $90,000 and settle at $92,954. Ethereum (ETH) is up over 10%, trading at $2,450. Ripple (XRP) registered an even bigger increase, up nearly 26% to move to $2.80. Another cryptocurrency included in the reserve, Cardano (ADA) is up a staggering 60% over the past 24 hours. Dogecoin (DOGE) , Tron (TRX) , Hedera (HBAR), Solana (SOL), Chainlink (LINK) , Stellar (XLM) , Litecoin (LTC) , Avalanche (AVAX), Toncoin (TON), and Polkadot (DOT) also registered substantial increases. Crypto Prices Surge As Trump Names Strategic Reserve Assets US President Donald Trump announced the names of the five digital assets expected to be included in a new US Strategic Reserve of cryptocurrencies, sending their market value surging. Trump made the announcement in a post on Truth Social, stating that his January executive order on digital assets would create a stockpile of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA). Trump updated his post later to add that BTC, ETH, and other valuable cryptocurrencies will be at the heart of the reserve. As a result of the announcement, BTC spiked nearly 11% to reach $94,500 before registering a marginal decline and moving to its current level. Ethereum (ETH) registered an increase of over 11% to briefly surpass the $2,500 level before marginally declining to its current level. The crypto market cap surged past the $3 trillion mark, reaching $3.10 trillion, an increase of $300 billion. According to Federico Brokate, head of US business at 21Shares, the move indicates a shift towards greater participation by the government in the crypto space. “This move signals a shift toward active participation in the crypto economy by the U.S. government. It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation.” The head of Research at CoinShares, James Butterfill, stated he was surprised at the inclusion of assets other than BTC in the reserve. “Unlike bitcoin...these assets are more akin to tech investments. The announcement suggests a more patriotic stance toward the broader crypto technology space, with little regard for the fundamental qualities of these assets.” Crypto VC Funding Picks Up In Feb The last week of February saw VC funding reach nearly $500 million across multiple sectors, according to data collected from Crypto Fundraising. Major investments were made in companies supporting DeFi infrastructure and asset management solutions. Figure raised $200 million in an unknown round backed by Sixth Street Partners. Figure focuses on building asset management and banking solutions and has raised over $1.7 billion. Ethena Labs also raised $100 million in private funding backed by Franklin Templeton, Polychain Capital, and Pantera. It has also received an additional $16 million in funding from MEXC Ventures and has raised $136 million. Meanwhile, Bitwise has raised $70 million in an unknown round. Bitwise is backed by Electric Capital, MassMutual Ventures, and MIT Investment Management. Analysts Alarmed By Capabilities Of North Korean Hackers Crypto researchers and analysts have expressed alarm after the Bybit hack, which saw North Korean hackers steal $1.5 billion. The attack was the largest in history and saw hackers bypass a security mechanism considered the safest by the industry. The FBI blamed the hack on North Korea’s Lazarus Group, which attacked a cold-storage wallet often considered invulnerable to cyber-attacks. Cold wallets are mostly kept isolated from online networks and hold the private keys needed to access funds. The hackers targeted an employee's computer at Safe Wallet, Bybit’s crypto wallet provider, tricking the signers by presenting false information through malicious code. This made the automated systems believe it was approving a legitimate transaction. According to Shahar Madar, vice president of security and trust at Fireblocks, the hackers piggybacked on an existing flow to execute the attack. Analysts were also shocked at the speed with which the hackers tricked the system and stole the funds. The stolen funds were quickly laundered through decentralized exchanges and converted into other cryptocurrencies. Dan Hughes, Founder of Radix Blockchain, stated, “I’m really coming up blank on how exchanges are going to properly be able to defend against this and make sure that the tool chains that are used and the people who are on the multi-sigs aren’t compromised socially or physically.” Meanwhile, Bybit has managed to recover just 3% of the stolen funds. Bitcoin (BTC) Price Analysis Bitcoin (BTC) registered a sharp jump on Sunday as it surged over 9% after President Donald Trump announced the names of the cryptocurrencies included in the strategic reserve, sending prices skyrocketing. The price reached $96,484 on Sunday before declining marginally to settle at $94,322. Trump announced in a post on Truth Social, “US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my Executive Order on digital assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA, besides ETH and BTC.” BTC struggled most of last week as it traded in the red with investor sentiment waning. BTC slumped as low as $78,000, raising fears of a deeper correction that could drag the price towards $70,000. Investor sentiment also hit lows not seen since 2022, when BTC faced a similar crash. Friday saw BTC drop nearly 28% from its all-time high, with Iliya Kalchev, an analyst at Nexo, predicting a deeper correction if investor sentiment did not change, stating, “While there might be a temporary backtrack as the market fills in the gaps left during the rapid climb, Bitcoin is more likely to establish firm support in the $72,000 to $80,000 range. This support could provide a foundation for a more sustainable recovery, reducing the likelihood of a deeper retracement.” However, President Trump’s announcement has changed that outlook, with sentiment improving and BTC surging back into the $90,000s. BTC registered a marginal decline last Sunday and started the previous week in the red, dropping nearly 5% to $91,622. Sellers retained control on Tuesday as the price slipped below $90,000, falling to an intraday low of $85,985. The price recovered from this level but could not reclaim $90,000 and ultimately settled at $88,654, a drop of just over 3%. Bearish sentiment intensified on Wednesday as the price fell over 5% to $84,129. Despite the overwhelming bearish sentiment, BTC recovered on Thursday, rising to an intraday high of $87,045 before settling at $84,657, registering a marginal increase. Source: TradingView Bearish sentiment returned on Friday as BTC plunged to an intraday low of $78,173 and briefly slipped below the 200-day SMA, with analysts fearing a deeper correction. However, the price recovered from this level to move past the 200-day SMA and reclaim $80,000 to settle at $84,362. Sentiment began changing on Saturday as BTC registered an increase of over 2% to settle at $86,182. The price rallied on Sunday after President Trump named the cryptocurrencies included in the strategic reserve. As a result, BTC surged over 9% to reclaim $90,000 and settle at $94,322, just above the 20-day SMA. The current session sees BTC down just over 2%, trading below the 20-day SMA at $92,351. The RSI is below the neutral zone, while the MACD indicates a waning bearish sentiment. Ethereum (ETH) Price Analysis Ethereum (ETH) rebounded from a low of $2,144 after President Donald Trump named the cryptocurrencies to be included in the strategic reserve in a post on Truth Social. As a result, ETH rallied nearly 14% on Sunday, assuaging fears of a drop below $2,000. ETH ended the previous weekend positively, rising above the 20-day SMA and settling at $2,821 on Sunday. However, the price collapsed on Monday, dropping nearly 11% to slip below the 20-day SMA and settle at $2,517. Sellers retained control on Tuesday as ETH fell below $2,500, dropping to an intraday low of $2,332 before settling at $2,495. Bullish sentiment intensified on Wednesday as ETH dropped over 6% to $2,334, but not before hitting a low of $2,256. ETH declined on Thursday, falling just over 1% to $2,308. Source: TradingView ETH registered a substantial decline on Friday as it fell to an intraday low of $2,077, with analysts raising concerns of a drop below $2,000. However, ETH recovered from this level to settle at $2,238, dropping over 3%. Buyers attempted a recovery on Saturday but lost momentum. As a result, ETH registered a marginal decline and settled at $2,218. The price rallied on Sunday after President Trump’s announcement, rising nearly 14% to move past $2,500 and settle at $2,520. However, ETH is down almost 6% during the ongoing session, starting the week in the red after the bulls lost momentum. If ETH continues to decline, it could drop to $2,200. However, buyers will look to re-establish control and drive ETH back above $2,500. Solana (SOL) Price Analysis Sentiment around Solana (SOL) had stabilized by the middle of last week as buyers prevented a decline below $120. SOL started the previous week on a bearish note, dropping over 15% to slip below $150 and settle at $142. The price fell to an intraday low of $131 on Tuesday as selling pressure intensified. However, it recovered from this level to register an increase of 1.60% and settled at $144. SOL was back in the red Wednesday, falling over 6% to go below $140 and settle at $135. Buyers returned to the market on Thursday as SOL rose nearly 2% and settled at $137. The price plunged to an intraday low of $125 on Friday as selling pressure intensified. However, SOL rebounded from this level to register an increase of nearly 8% to reclaim $140 and settle at $148. Source: TradingView Despite the recovery, SOL was back in the red on Saturday, dropping just over 3% to $143. Bullish sentiment returned on Sunday after President Trump announced the assets to be included in the strategic reserve. As a result, SOL skyrocketed over 24% to move past $150 and the 20-day SMA to settle at $178. However, the current session sees SOL back in the red, down nearly 10% and trading below the 20-day SMA at $161 as buyers lost steam after Sunday’s rally. If SOL continues to decline, it could drop below $150 again. The RSI has been rejected from the neutral zone, indicating SOL could fall in the short term. Celestia (TIA) Price Analysis Celestia (TIA) started the previous week in the red, dropping nearly 13% on Monday to settle at $3.23, just above the 20-day SMA. The price fell to an intraday low of $3.03 on Tuesday as sellers tried to overwhelm lower-level support. However, TIA rebounded from this level to register an increase of nearly 13% and settle at $3.64. Buyers retained control on Wednesday as the price rose to an intraday high of $4.09, briefly crossing the 50-day SMA. However, it could not stay at this level and ultimately dropped below $4 and the 50-day SMA to $3.82, an increase of just over 5%. Despite the bullish sentiment, TIA was back in the red on Thursday, dropping just over 5% to $3.63. Source: TradingView Sellers drove TIA to an intraday low of $3.39 on Friday as selling pressure intensified. However, TIA rebounded from this level to register an increase of over 12% to move past $4 and the 50-day SMA to $4.08. Buyers retained control on Saturday as TIA rose nearly 2% to $4.16. The price surged to an intraday high of $4.48 on Saturday. However, it lost momentum after reaching this level and dropped to $4.14 after a marginal decline, as it failed to match the market rally after Trump’s announcement. The current session sees TIA down nearly 9% as it trades below the 50-day SMA at $3.78. Arbitrum (ARB) Price Analysis Arbitrum (ARB) is trading in a narrow range that extends from $0.40 to $0.50 after registering a substantial decline last Monday. ARB dropped over 14% on Monday, slipping below the 20-day SMA and settling at $0.411. Despite the overwhelming bearish sentiment, ARB recovered on Tuesday, rising 2% and settling at $0.419. Buyers retained control on Wednesday and Thursday as ARB registered marginal increases and moved to $0.429. However, sellers returned to the market on Friday as the price plunged to an intraday low of $0.382. It recovered from this level to reclaim $0.40 and settle at $0.421, registering a marginal decline. Source: TradingView Sellers retained control on Saturday as ARB fell nearly 1% and settled at $0.417. The price recovered on Sunday as the market rallied. As a result, ARB rose almost 11% and settled at $0.462. However, it could not move past this level and found itself back in the red during the ongoing session, with the price down over 8% and trading at $0.424. If ARB continues its downward trajectory, it could drop to $0.40. A drop below this level could extend the decline to $0.35. Bittensor (TAO) Price Analysis Bittensor (TAO) is down nearly 5% over the past 24 hours and has declined a staggering 25% during the week. TAO has traded downwards since failing to consolidate above the 200-day SMA, ending the previous weekend at $434. Bearish sentiment intensified on Monday as TAO fell below $400 and the 50-day SMA after a drop of over 8% and settled at $397. Sellers retained control on Tuesday as the price slipped below the 20-day SMA, falling to an intraday low of $353 before settling at $379, ultimately registering a drop of 4.50%. TAO continued to drop on Wednesday, falling over 7% to settle at $351. Buyers attempted a recovery on Thursday as TAO reached an intraday high of $370. However, it lost momentum after reaching this level and dropped over 6% to go below $350 and settle at $330. Source: TradingView Friday saw TAO plunge to an intraday low of $296 as selling pressure intensified. However, buyers stepped in at this level, and TAO recovered to reclaim $300 and settle at $326, ultimately registering a decline of just over 1%. Bullish sentiment returned over the weekend as TAO rose nearly 4% on Saturday and 4.67% on Sunday to settle at $353. However, with buyers losing momentum at this level, TAO is back in the red during the current session, down nearly 9% and trading at $322. The MACD indicates a growing bearish sentiment, while the RSI has been rejected from the neutral level, indicating a further decline for TAO. Internet Computer (ICP) Price Analysis Internet Computer (ICP) started the previous week in the red, dropping over 9% on Monday and slipping below the 20-day SMA to settle at $6.40. Sellers retained control on Tuesday as the price fell to an intraday low of $5.89. However, it recovered from this level to reclaim $6 and settle at $6.34, ultimately registering a drop of nearly 1%. Buyers returned to the market on Wednesday as ICP registered a marginal increase and settled at $6.39. Bullish sentiment intensified on Thursday as ICP rose 4.54% to $6.68. Source: TradingView Despite the bullish sentiment, ICP was back in the red on Friday as it fell to an intraday low of $6.02. However, it recovered from this level to settle at $6.52, ultimately registering a drop of 2.40%. Buyers returned to the market on Saturday as ICP registered an increase of over 1%. Bullish sentiment intensified on Sunday thanks to President Trump’s announcement. As a result, ICP surged nearly 9% to move past $7 and settle at $7.23. The current session sees ICP back in the red, with the price down over 6% and trading at $6.78. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
