Market updates
Bitcoin Drops After Hitting $90K as U.S. Reserve Plans Face Roadblock
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2025-03-06 | 5m
Bitcoin briefly surpassed $90,000 but then dropped amid uncertainty over a proposed U.S. Bitcoin reserve. Initial optimism came from U.S. Commerce Secretary Howard Lutnick, who hinted at an upcoming announcement during the White House Crypto Summit. However, Senator Cynthia Lummis later admitted that there was little Congressional support for the idea, suggesting it may need to be postponed.
Despite this setback, some experts remain optimistic, believing that a Bitcoin reserve is inevitable. Prominent crypto advocate Anthony Pompliano insisted that the U.S. would eventually adopt it, given the number of influential backers involved.
Meanwhile, Bitcoin's price action remains volatile. Some traders hope for a price rebound, while others predict a retest of the $78,000 level, especially after rejection at $92,000. Analyst Justin Bennett warned that Bitcoin bulls are “on borrowed time.” Overall, market movements remain sensitive to geopolitical events and investor sentiment surrounding U.S. policy on Bitcoin.
Source:
Cointelegraph
Futures Market Updates
In the past 24 hours, both BTC and ETH futures saw an increase in open interest, with BTC rising 7.91% and ETH up 6.93%, indicating growing market participation. However, trading volume declined more sharply for ETH (-30.53%) compared to BTC (-14.30%), suggesting reduced activity in ETH futures. Short liquidations were higher than long liquidations for both assets, with BTC experiencing significantly larger total liquidations ($120.93M) than ETH ($47.09M), implying stronger volatility. The long/short ratios for BTC and ETH remain nearly identical, hovering around 50.45%/49.55%, showing a balanced market sentiment. Lastly, BTC's funding rate (0.0033%) is more than double that of ETH (0.0014%), indicating relatively stronger demand for leveraged long positions in BTC.
BTC Futures Updates
Total BTC Open Interest: $51.31B (+7.91%)
BTC Volume (24H): $103.36B (-14.30%)
BTC Liquidations (24H): $35.71M (Long)/$85.22M (Short)
Long/Short Ratio: 50.45%/49.55%
Funding Rate: 0.0033%
ETH Futures Updates
Total ETH Open Interest: $20.14B (+6.93%)
ETH Volume (24H): $39.35B (-30.53%)
ETH Liquidations (24H): $18.53M (Long)/$28.56M (Short)
Long/Short Ratio: 50.46%/49.54%
Funding Rate: 0.0014%
Top 3 OI Surges
REZ: $22.50M (+219.68%)
BURGER: $1.66M (+199.32%)
AXL: $12.60M (+111.06%)
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