Bitcoin Surges Past $90,000 as It's Granted Special Status in the National Strategic Cryptocurrency Reserve

The apex cryptocurrency surpassed $90,000, recouping gains lost due to the ongoing tariff announcements by President Donald Trump.

Leading cryptocurrencies advanced briskly on Wednesday, continuing the momentum from the previous session as traders reacted to the prospect of Bitcoin being granted special status in the national strategic cryptocurrency reserve.

What Happened: The apex cryptocurrency crossed the $90,000 mark once again, recovering some of the gains lost due to the ongoing tariff announcements by President Donald Trump.

The cryptocurrency behemoth was trading at $90,134, showing an increase of 3.30% over the last 24 hours and rising further from the $87,000 levels touched on Tuesday.

Momentum trickled to the rest of the market as Ethereum sailed past $2,500, hitting an intraday high of $2,272.80.

The improvement in sentiment came after Commerce Secretary Howard Lutnick hinted at major policy announcements during Friday’s White House crypto summit. He confirmed that Bitcoin may receive special status in the national cryptocurrency reserve, but other tokens will be treated differently, yet positively.

The rally liquidated short positions worth $145 million from the cryptocurrency market in the last 24 hours.

Bitcoin's Open Interest popped 5.34%. A surge in spot price, coinciding with a jump in OI, indicated an influx of fresh money into the market.

More than 55% of traders on Binance were positioned long as of this writing, according to the Long/Short Ratio, implying a bullish sentiment.

In contrast, the Crypto Fear and Greed Index remained in the "Extreme Fear" zone.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.96 trillion, following an increase of 3.30% in the last 24 hours.

On the other hand, macroeconomic uncertainty weighed on Wall Street, leading to two consecutive days of losses. However, stocks recovered on Wednesday following the administration's move to pause tariffs on automobile manufacturers' imports for one month, sending stocks of big automakers higher.

The Dow Jones Industrial Average jumped 485.60 points, or 1.14%, to close at 43,000.65. The S&P 500 gained 1.12%, ending at 5,842.63, while the tech-focused Nasdaq Composite added 1.46% to close the session at 18,552.73.

The administration's decision to pause tariffs on automobile manufacturers' imports for one month also contributed to the recovery, sending stocks of big automakers higher.

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Analyst Notes: Widely followed cryptocurrency analyst, Ali Martinez, stated that if Bitcoin manages to reclaim the $97,000 level, there is a strong chance of it moving toward the $150,000 mark, according to the Pi Cycle Top indicator. The indicator is used to identify potential high points in Bitcoin's price cycles.

If #Bitcoin $BTC manages to reclaim $97,000, there is a strong chance of it moving toward $150,000, according to the Pi Cycle Top indicator! The indicator, which measures the highs of Bitcoin's cycles, suggests that the current cycle may be nearing its peak.

Popular on-chain analytics firm noted a sharp drop in Ethereum sentiment owing to its underperformance relative to other large-cap cryptocurrencies.

"For those patiently holding their ETH, the bearishness being projected across social media is a good sign of a potential turnaround once crypto markets stabilize," the analytics firm predicted.