Bitcoin (BTC) surged by 4% in the past 24 hours, briefly reclaiming the $97,000 mark in the early hours of Thursday. This bullish movement was fueled by positive market reactions following the announcement that US President Donald Trump and Russian President Vladimir Putin would resume diplomatic relations. Additionally, the IT firm Strategy (formerly known as MicroStrategy) revealed it raised $2 billion to further increase its Bitcoin holdings, giving a substantial boost to the market.
Bitcoin Price Action: A Strong Recovery
Bitcoin’s recovery was also supported by the positive response to Strategy’s recent fundraise, which comes as the company expands its Bitcoin holdings significantly. According to SaylorTracker.com, Strategy now holds 478,740 BTC, valued at around $46 billion, having invested over $3 billion within just the first 50 days of 2025 alone.
On the ETF front, Bitcoin ETFs resumed trading on February 18, but the products struggled with $60 million in outflows. Bitcoin ETFs are seeing a drop in demand as altcoin ETFs gain traction, with the US SEC acknowledging a Litecoin ETF filing from Bitwise on Wednesday, only a few days after Grayscale’s filing for a similar product.
Altcoins: Gains for Litecoin, Ripple, and Binance Coin Amid Solana’s Struggles
While Bitcoin saw significant movement, altcoins experienced mixed fortunes. Litecoin (LTC), Binance Coin (BNB), and Ripple (XRP) emerged as top gainers, driven by ETF excitement. Litecoin saw a 40-day high, surpassing the $136 mark as market participants priced in a 90% likelihood of LTC ETF approval. Ripple (XRP) also surged by 5%, before encountering a major sell-wall at $2.65.
Meanwhile, Solana (SOL) faced a tough day, dipping as low as $169. The cryptocurrency remains caught in the bearish sentiment surrounding the controversial LIBRA token launched on the Solana network, as well as ongoing political uncertainty tied to Argentina’s President Javier Milei.
Binance Coin: A 4.3% Surge Following News of Binance’s US Return
Binance Coin (BNB) saw a significant 4.3% gain on Wednesday, driven by the news that Binance US would resume operations. After a two-year hiatus due to a US SEC lawsuit, Binance US began allowing USD deposits and withdrawals again, signaling a potential regulatory thaw. The move ignited positive sentiment, and BNB’s price rose in anticipation of Binance’s gradual return to the US market.
Increased investor confidence could see BNB prices continue to climb, especially with potential staking incentives and trading fee discounts once Binance’s US subsidiary restores full operations.
Institutional Moves: Strategy’s $2 Billion Fundraise and Tether’s Expanding Influence
Strategy also announced a $2 billion convertible senior notes offering, further emphasizing its bullish stance on Bitcoin. The notes, set to mature in 2030, will be used for additional BTC acquisitions and other corporate expenses. Despite a reported $1.79 billion impairment loss on its Bitcoin reserves in 2024, Strategy’s continued expansion highlights the firm’s commitment to Bitcoin.
Tether Investments, the issuer of USDT, also made headlines with its proposal to acquire a 51% majority stake in Adecoagro, a South American sustainable production company. This move aligns with Tether’s broader strategy to diversify its portfolio beyond digital assets.
Crypto Regulatory Updates: SEC Reviews Litecoin ETF, Hong Kong Dollar Stablecoin Announced
The SEC has begun a formal review of CoinShares’ Litecoin ETF application, following Nasdaq’s submission. The review, set to last up to 90 days, will assess compliance and market surveillance mechanisms. If approved, the ETF would provide investors with regulated exposure to Litecoin.
Meanwhile, Standard Chartered Bank (SCBHK) and partners Animoca Brands and HKT have teamed up to create a Hong Kong dollar-backed stablecoin. The initiative seeks regulatory approval and aims to enhance digital payments while exploring institutional and cross-border use cases.
These developments, along with institutional investments and expanding product offerings, are contributing to a rapidly evolving crypto market as both Bitcoin and altcoins continue to make waves in the global financial landscape.
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