Crypto Today: Traders pile $175B into Bitcoin, XRP and AI tokens ahead of White House summit

• The total cryptocurrency market valuation grew by $175 billion, rising 6% ahead of the White House Crypto Summit.
• Bitcoin price faces stiff resistance at $93,000 as traders lean towards altcoins with high-volatility potential.
• XRP price broke above the $2.50 resistance on Thursday after a week-long consolidation phase.
• The market cap of crypto AI tokens increased by 3.9%, with Near Protocol and Render among the top gainers.

Chart of the day: Why is the crypto market up today?

The global crypto market capitalization increased by 6.2% in the last 24 hours as traders took on bullish positions ahead of the upcoming White House Crypto Summit on Friday. Rather than double-down on BTC, sector-wide price trends show that investors are leaning towards altcoins. 

Top 10 Crypto assets performance | March 6 

United States (US) President Donald Trump’s decision to include four altcoins in the crypto strategic reserve has sparked expectations of more altcoin-friendly policy fallouts from the White House Crypto Summit. 

Notably, tokens like Chainlink (LINK), Ripple (XRP) and Cardano (ADA), which have developed close links to the Trump administration in recent months, are witnessing considerable gains at press time on Thursday. 

Crypto AI tokens also scored substantial gains, with top assets like Near Protocol (NEAR) and Render Network (RNDR) posting 9% rallies apiece, outperforming the market average.

Bitcoin market updates: 

Bitcoin price pulled back below $89,900 on Thursday, down 2% from the 24-hour peak of $92,800.

With market sentiment dominantly bullish, investors are strategically leaning towards altcoins with high growth potential. 

Bitcoin ETFs posted another $38 million outflows on Wednesday. 

Bitcoin ETF Flows, March 5 | Source: SosoValue

This marks the third consecutive day of outflow this week, which evidently contributed to Bitcoin price retracement. 

Altcoin market updates: 

• Ethereum price rose 2% to reclaim the $2,200 level. 
• Ripple (XRP) price increased by 4%. Having breached the $2.50 level, XRP could face weakened resistance as it advances towards $3
• Chainlink (LINK) price surged by up to 11% as it grazed the $20 mark for the first time this week. 

Chainlink price action 

Given Chainlink’s recent partnership with Trump’s DeFi platform World Liberty Financial (WLFI) and global payments giant SWIFT, investors anticipate further integration for TradFi and DeFi during the White House Crypto Summit could spark more gains.

Crypto news updates:

• New York State Assembly introduces bill A05515 to combat crypto fraud.

The New York State Assembly has introduced a new bill, targeting cryptocurrency-related fraud, including "rug pulls," private key theft and undisclosed token interests. 

The bill, sponsored by Clyde Vanel, establishes new categories within the state’s penal code to address virtual token fraud, illegal rug pulls and fraudulent failures to disclose financial interests in tokens, aiming to bolster protections for investors in the growing digital asset market.

The bill comes amid increasing reports of crypto scams, with provisions that could impose penalties of up to $25 million for corporations and prison terms of up to 20 years for individuals found guilty of such offenses. 

• Brazil’s Méliuz adopts new treasury strategy, allocates up to 10% in Bitcoin

Brazilian fintech company Méliuz announced that its board of directors has approved a new treasury strategy, allowing the allocation of up to 10% of its cash reserves into Bitcoin. 

The company has already purchased 45.72 Bitcoin for approximately $4.1 million, marking it as the first publicly-listed firm in Brazil to incorporate the cryptocurrency into its corporate reserves, according to a securities filing and reports from local news outlets.

The move reflects Méliuz’s aim to maximize long-term shareholder value through Bitcoin investments, joining a global trend of traditional finance companies adopting cryptocurrency strategies. 

The company specified that it will continue to monitor and analyze the strategy, including the potential for Bitcoin to become a primary strategic asset in its treasury, while acknowledging risks associated with market volatility and regulatory challenges.

• Dubai’s Emirates NBD partners with Aquanow to launch crypto trading on digital banking platform

Emirates NBD, Dubai’s largest bank, announced on Thursday a partnership with digital asset platform Aquanow to introduce cryptocurrency trading services through its digital banking arm, Liv X. 

The collaboration allows customers to buy, sell, and trade major cryptocurrencies, including Bitcoin and Ethereum, via the Liv X app, marking a significant step in integrating digital assets into the UAE’s financial sector, according to a statement from the bank and reports from financial news outlets.

The initiative aligns with Dubai’s broader strategy to position itself as a global hub for cryptocurrency innovation, leveraging Aquanow’s infrastructure, which is licensed by the Dubai Virtual Assets Regulatory Authority (VARA).