Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Investing

Crypto Market Recap: Bitcoin to Hold “Special Status” in US Reserve, Pectra Test Launch Hits Snag

by admin March 6, 2025
March 6, 2025
Crypto Market Recap: Bitcoin to Hold “Special Status” in US Reserve, Pectra Test Launch Hits Snag

Here’s a quick recap of the crypto landscape for Wednesday (March 5) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$90,372.22, reflecting a 4 percent increase over the past 24 hours. The day’s trading range has seen a high of US$90,468.07 and a low of US$87,736.82.

Ethereum (ETH) is priced at US$2,231.25, marking an increase of 4.3 percent over the same period. The cryptocurrency reached an intraday high of US$2,232.93 and a low of US$2,168.29.

Altcoin price update

  • Solana (SOL) is currently valued at US$145, up 2.7 percent over the past 24 hours. SOL experienced a high of US$145.84 and a low of US$140.61 during Wednesday’s trading session.
  • XRP is trading at US$2.50, reflecting a 2.1 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.51 and a low of US$2.43.
  • Sui (SUI) is priced at US$2.67, showing a 7.2 percent increase over the past 24 hours. It achieved a daily high of US$2.68 and a low of US$2.46.
  • Cardano (ADA) is trading at US$0.9882, reflecting a 9 percent increase over the past 24 hours. Its highest price on Wednesday was US$0.9956, with a low of US$0.937.

Crypto news to know

Bitcoin’s ‘special status’ in US crypto reserve

In a Wednesday interview with the Pavlovic Today, US Commerce Secretary Howard Lutnick clarified that Bitcoin will have “special status” in a planned national cryptocurrency reserve.

The reserve will hold a basket of cryptocurrencies, including ETH, SOL, ADA and XRP. Lutnick said the Trump administration will likely reveal more details at the upcoming White House Crypto Summit.

The Trump administration has faced criticism since it announced its intention to create a reserve that includes cryptocurrencies other than Bitcoin. Industry insiders, including Coinbase and Gemini CEOs Brian Armstrong and Tyler Winklevoss, have argued that Bitcoin is the only cryptocurrency that meets the criteria of a reserve asset.

Ethereum’s Pectra upgrade faces second setback

After initially announcing the successful deployment of Ethereum’s Pectra upgrade on its final testnet, Sepolia, Ethereum blockchain developer Tim Beiko reported a technical issue that caused transaction processing software to malfunction, leading to the creation of blocks without any transactions.

The Wednesday issue marks the second setback in the process of the Pectra upgrade, which is anticipated to improve Ether staking, layer-2 network scalability and overall network capacity.

During a test run of the Pectra upgrade on the Holesky test network on February 24, a mistake in how the computers that validate transactions were set up caused the network to split into two separate, conflicting versions.

The estimated time to resolve the issue and successfully implement the upgrade on the test network is approximately 18 days. More information, including a possible final date of the Pectra mainnet implementation, is expected during Ethereum’s All Core Developers call on Thursday (March 6).

Senate passes IRS resolution

The US Senate voted 70 to 27 to pass a resolution to repeal a Biden-era rule requiring decentralized finance protocols to report to the Internal Revenue Service (IRS) and brokers to disclose gross proceeds from crypto sales.

The issue was brought forward by Senator Ted Cruz (R-TX) on January 21.

The resolution will now move to the House of Representatives. If it passes a vote there, it will be sent to President Donald Trump for his signature. David Sacks, the Trump administration’s artificial intelligence and crypto czar, has already said the White House supports the resolution.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Visible Gold Above High Grade Cu-Au Porphyry – Amended
next post
High Grade Gold Mineralisation Extended at Music Well

Related Posts

Group Resource Update Underpins Future Mining

May 19, 2025

Heritage Mining Announces Non-Brokered Private Placement of Units...

March 8, 2025

Canada’s First Set of Nation-Building Projects Paves Way...

September 12, 2025

Editor’s Picks: Gold Price Touches US$3,500 in Volatile...

April 28, 2025

High-Grade Gold Samples extend Clifton East Strike to...

May 22, 2025

Crypto Market Recap: White House Hosts Bitcoin Summit,...

March 9, 2025

Seequent Unveils Evo: Using Open-source Tech to Reshape...

March 15, 2025

Fish Underground drilling underway for mine life extensions

August 28, 2025

Tech 5: TSMC, ASML Release Latest Results, NVIDIA...

July 20, 2025

Trump Threatens to Double Tariffs on Canadian Steel...

March 13, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • The Real Drivers of This Market: AI, Semis & Robotics

      September 18, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 18, 2025
    • Green Technology Metals: Delivering the Next Lithium Hub in North America

      September 18, 2025
    • Canada’s Place in Global Mining: Why it’s a Top Jurisdiction for Investors and Companies

      September 18, 2025
    • New Research on Deep-Sea Mineral Sources Reveals Ecological Importance

      September 18, 2025
    • Silver47 Exploration – OTC Markets Request

      September 18, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved