The cryptocurrency market saw a significant surge in Bitcoin, which surpassed the $83,000 mark in the late afternoon, consolidating above this level as Rep. Nick Begich (R-AK) introduced the “Bitcoin Act of 2025”. At the time of publication, the price of Bitcoin was quoted at $82,224.51, up 3% in the last 24 hours.
The proposed legislation aims to create a Bitcoin Strategic Reserve, to be funded without taxpayer funds, as previously announced by President Donald Trump.
The positive sentiment boosted other cryptocurrencies, with Ethereum surging above $1,950, a significant gain after falling below $1,800 the previous day. Bitcoin’s market share, meanwhile, registered a 61.3% dominance — its highest of the year, while Ethereum’s share fell to 8.6%.
This market movement not only relieved investors but also triggered a massive elimination of $265 million in short positions in the last 24 hours. Additionally, open interest in Bitcoin increased by 3.37% in the same period, with the percentage of traders going long on the leading cryptocurrency rising to 51%.
The Cryptocurrency Fear and Greed Index reflected a shift in market sentiment, moving from the “Extreme Fear” zone to simply “Fear.”
On the other hand, CryptoQuant’s on-chain analysis revealed significant Bitcoin accumulation by large investors despite the recent price correction.
“Despite the ongoing correction in Bitcoin, whales have accumulated over 65,000 BTC in the past 30 days, indicating high buying pressure from large network participants,” CryptoQuant commented.
Michaël van de Poppe, a prominent cryptocurrency analyst, pointed out that:
“If $82,500-$83,500 breaks, we will likely see $88-92,000 in a quick move.”
# Bitcoin didn’t break through the crucial level, yet. I think that the next test is the massive one. If $82.5-83.5K breaks, we’ll probably see $88-92K in a swift move.
pic.twitter.com/BmkXPQtA42 – Michaël van de Poppe (@CryptoMichNL) March 11, 2025
In this article, we will discuss:
Stocks and S&P 500 close lower
Meanwhile, stock markets fell for a second straight day. The Dow Jones Industrial Average fell 478.23 points, or 1.14%, to close at 41,433.48. The S&P 500 and Nasdaq Composite also closed lower, weighed down by President Trump’s announcement of new tariffs on Canadian steel and aluminum imports, raising concerns of an escalating trade war.
On the geopolitical front, tensions rose following the White House’s announcement that only the previously planned 25% tariffs would be implemented, following a brief period of uncertainty over an increase to 50%.
Investors now turn their attention to the upcoming consumer price index data for February, with expectations that inflationary pressures will ease amid recession fears.
Summary of News Impacting the Markets
- Ukraine-US Ceasefire: Ukraine has accepted a U.S. proposal for a 30-day ceasefire with Russia, pending Russian approval. The deal includes the resumption of U.S. intelligence sharing with Ukraine and plans for exploration of Ukrainian mineral resources, with details yet to be worked out.
- US Import Tariffs: Tariffs of 25% on steel and aluminum were implemented in the U.S., mainly affecting Canada, Mexico, and Brazil. After briefly escalating to 50% against Canada, the tariffs were adjusted back to 25%, leveling the playing field for all importing countries.