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Bitcoin Surpasses $92,000 with a 6.25% Increase in 24 Hours

Bitcoin has crossed the $92,000 benchmark and is now trading at $92,406, with a narrowed 6.25% increase in 24 hours.

Bakkt Holdings Jumps After Report Apex Fintech Weighing Bid

Bakkt Holdings, Inc. soared 24% after a report that Apex Fintech is evaluating a potential takeover bid for the crypto trading company.

It's unclear how serious the discussions are, according to an Axios report on Wednesday.

Bakkt didn't respond to  Axios request for comment. Apex declined to comment.

Bakkt originally agreed to purchase Apex Crypto from Apex Fintech Solutions in 2022. 

WLFI’s $336M In Assets Sparks Speculation Ahead Of White House Crypto Summit

As the White House Crypto Summit approaches, some experts are raising concerns about the timing of cryptocurrency moves by the Trump family’s WLFI project. Reports suggest WLFI has accumulated $336 million in assets, including Bitcoin and altcoins.

This has sparked speculation, with some questioning whether these actions could influence market movements. With over a day left before the White House Crypto Summit on March 8, where Trump may announce his Bitcoin strategy, WLFI, a DeFi project backed by the Trump family, bought another $21.5 million in tokens. This includes $10 million in WBTC (110 BTC), $10 million in ETH (4,468 ETH), and $1.5 million in MOVE (3.42 million tokens).

According to Ember monitoring, so far, WLFI has spent $336 million to buy 9 tokens: ETH, WBTC, TRX, LINK, AAVE, ENA, MOVE, ONDO, and SEI. Most of these assets were moved to Coinbase Prime, but it’s unclear if they have been sold while WLFI claims that they haven’t.

Bukele Plans to Continue Buying Bitcoin in Defiance of IMF

El Salvador’s President Nayib Bukele said his government would continue to buy Bitcoin even after inking a deal with the International Monetary Fund that was expected to halt accumulation of the digital currency.

The defiant posts come after the IMF executive board approved a 40-month, $1.4 billion extended fund facility for El Salvador on February 26. In its report on the program, published on Monday, the IMF said that as part of the deal, the country had “committed not to accumulate Bitcoin and not to issue nor guarantee any type of Bitcoin-indexed or denominated public debt or tokenized instruments.”

Since finalizing that deal, though, El Salvador has added 12 Bitcoin to their reserve fund, according to data published by the government’s Bitcoin Office — and just bought the latest on Wednesday.

Bitcoin ‘Maxis’ Have a Bone to Pick With Donald Trump

President Trump surprised many crypto enthusiasts on Sunday by saying that the so-called altcoins Ether, XRP, Solana and Cardano would be a part of the nation’s cryptocurrency reserve, along with Bitcoin.

Influencer and investor Anthony Pompliano, who said “Solana is our second largest crypto position,” wrote in a newsletter on Monday that only Bitcoin deserves to be part of the strategic reserve, thanks to its decentralized nature and other characteristics that make it, in the words of proponents, “digital gold.”

“Instead of the United States creating a reserve of hard money, which has strategic importance due to the finite supply, the relationship with low-cost energy, and the backing of the strongest computer network in the world, we seem to be getting a random smattering of speculative tools that will enrich the insiders and creators of these coins at the expense of the US taxpayer,” Pompliano wrote.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $38.30 million. The total net asset value of Bitcoin spot ETFs is $102.12 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.69%.

The Bitcoin spot ETF with the highest net outflow on March 5 was Valkyrie Bitcoin Fund, with a net outflow of $60.42 million. Following that was Invesco Galaxy Bitcoin ETF, with a net outflow of 9.94 million, according to SoSoValue.

SoSoValue