Bitcoin Recovery

Bitcoin (BTC) has rebounded to nearly $82,000, following a dip below $78,000 late Sunday, which triggered a slight increase in major tokens.

Altcoin Upswing

Ether (ETH), BNB Chain’s BNB, XRP, and Cardano’s ADA saw gains of up to 3%, easing some losses from the past week. The broader CoinDesk 20 (CD20) index rose nearly 4%.

SEC Delays Decisions

The U.S. Securities and Exchange Commission (SEC) has postponed decisions regarding ETF filings for XRP, Dogecoin, and Litecoin. Analysts from Bloomberg had previously estimated 90% odds for Litecoin, 75% for Doge, and 65% for XRP ETF approvals by year-end, yet this delay creates uncertainty in the market.

Traders are monitoring for a potential pullback to the $74,000 level and lower before a possible upward trend.

“Historically, such declines would invite buyers,” stated Alex Kuptsikevich, FxPro’s chief market analyst, in an email to CoinDesk. “However, the impact of traditional financial companies has reduced these chances compared to previous years. The pullback to the $70-$74K range appears the most likely, especially given early March’s market consolidation.”

Legislative Developments

BTC gains coincided with Senator Cynthia Lummis reintroducing the BITCOIN Act, which aims for the U.S. to acquire 1 million BTC as a strategic reserve. This bill, first proposed last year, would require the government to purchase these bitcoins over five years.

The initial $6 billion in remittances from reserve banks will be allocated yearly from 2025 to 2029 to fund the reserve, utilizing the Federal Reserve’s gold certificates.

There is speculation regarding the potential future inclusion of major tokens in this reserve.

“Altcoins like XRP, SOL, and ADA surged unexpectedly alongside Senator Lummis’s strategic Bitcoin reserve bill announcement, with speculation that previously mentioned altcoins may also be added to the reserve purchases,” said Nick Ruck, director at LVRG Research, via Telegram.