Bitcoin (BTC) and the broader cryptocurrency market staged a sharp rebound late Friday, overcoming a week of volatility as investor sentiment surged on major political and regulatory developments.
BTC was trading at $85,372 at press time, marking a 7.41% gain over the past 24 hours. On the other hand, Ethereum (ETH ($2,218.65)) climbed 6.61% to $2,231.66, while XRP ($2.17) surged 9.2% to $2.18. The broader market followed suit, lifting total cryptocurrency market capitalization by 6.31% to $2.83 trillion.
Notably, the surprise rally comes in the wake of a landmark announcement from the White House. On Friday, David Sacks, the White House AI and Crypto Czar, confirmed that President Donald Trump will host the first-ever White House Crypto Summit on March 7.
According to an official White House letter, the summit will advance President Trump’s campaign pledge to revamp the cryptocurrency sector.
“Previously, President Trump pledged to be America’s ‘first crypto president,’ and in his week-one Executive Order 14178, he declared that ‘the policy of my Administration [is] to support the responsible growth and use of digital assets … across all sectors of the economy,’” the letter stated
The White House further emphasized that Trump’s administration aims to establish a regulatory framework that fosters innovation while ensuring economic freedom. The letter also criticized the previous administration’s “unfair prosecution” of the digital asset industry, positioning Trump’s approach as a new era for financial technology.
Notably, the summit will convene top industry leaders, including founders, CEOs, and investors, alongside members of the President’s Digital Asset Task Force. Moderated by Sacks, discussions will center on regulatory clarity, market oversight, and the role of government in shaping the crypto economy.
Adding to the bullish momentum, the U.S. Securities and Exchange Commission (SEC) is later set to launch a five-part roundtable series named “Spring Sprint Towards Crypto Clarity” to clarify cryptocurrency regulations. The first session, scheduled for March 21, will explore the theme “Defining the Security State,” according to sources who talked to FOX ($0.04) Business reporter Eleanor Terrett.
Regulatory tensions further eased this week as the SEC dropped its lawsuit against Coinbase, following a similar move with Binance. The agency also closed its investigation into Gemini without pursuing enforcement action. In another significant shift, the SEC announced that meme coins will be classified as collectibles rather than securities, effectively removing them from its regulatory scope.
Beyond regulation, speculation is mounting over a potential U.S. government Bitcoin reserve. While no formal announcement has been made, discussions about Bitcoin’s strategic role in financial markets have fueled renewed institutional interest in the asset.
