Bitcoin (BTC) staged a strong recovery to $82,000 after dipping below $78,000 on Sunday, triggering a short-lived rally across major altcoins. Ethereum (ETH), Binance Coin (BNB), XRP, and Cardano (ADA) all posted gains of up to 3%, partially offsetting last week’s losses.
SEC Delays Key Crypto ETF Decisions
Market uncertainty remains elevated as the U.S. Securities and Exchange Commission (SEC) delayed its rulings on spot ETFs for XRP, Dogecoin (DOGE), and Litecoin (LTC). Bloomberg analysts had assigned high approval odds—90% for Litecoin, 75% for Dogecoin, and 65% for XRP—by the end of 2024, but the SEC’s delay has cast doubt on those predictions. Investors are now bracing for prolonged regulatory indecision, which could keep volatility high in the coming weeks.
Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It's expected as this is standard procedure & Atkins hasn't even been confirmed yet. This doesn't change our (relatively high) odds of approval. Also note that the final deadlines…
— James Seyffart (@JSeyff) March 11, 2025
Bitcoin Faces a Potential Pullback to $74K
Despite the rebound, some analysts predict a further drop to the $70,000–$74,000 range before another bullish breakout. Historically, similar dips have attracted buying interest, fueling strong rebounds. Additionally, traditional financial institutions’ increasing involvement in crypto markets has heightened Bitcoin’s correlation with stock market trends. Analysts suggest that the March rally reduced Bitcoin’s oversold conditions, making a near-term correction more likely.
Senator Lummis Reintroduces BITCOIN Act
BTC’s rebound gained further momentum after Senator Cynthia Lummis reintroduced the BITCOIN Act. The proposal seeks to have the U.S. government acquire 1 million BTC over five years as a strategic reserve. The plan would allocate $6 billion from Federal Reserve remittances to purchase Bitcoin, with backing from gold certificates.
The legislation underscores Bitcoin’s growing recognition as a financial hedge. Some speculate that other major cryptocurrencies, including XRP, Solana (SOL), and ADA, could eventually be incorporated into the reserve.
Also Read: Metaplanet Stock Jumps 8% After $13.5M Bitcoin Buy Amid Market Dip
Bitcoin’s price action reflects a market influenced by regulatory developments, institutional adoption, and macroeconomic trends. While the BITCOIN Act has bolstered sentiment, persistent global economic uncertainties weigh on investor confidence. BTC is currently trading at $82,299, up 1% in the past 24 hours but still 24% below its all-time high. The coming weeks will be critical as traders watch for further SEC updates and macroeconomic signals.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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