Bitcoin price today: recovers to $90k with Trump crypto summit, reserve in focus

Investing.com-- Bitcoin climbed on Thursday, extending a rebound from recent losses amid heightened speculation over U.S. President Donald Trump’s plans for a crypto reserve before a White House summit this week. 

Risk appetite was also aided by Trump making some concessions in his recently imposed 25% tariffs against Canada and Mexico, although his tariffs against China persisted, while the U.S. president also flagged plans for more trade duties in April.

Still, Bitcoin was trading well above sub-$80,000 lows hit last week, when risk appetite was battered by concerns over slowing U.S. growth and a brewing global trade war. 

Trump’s earlier mentions of a crypto reserve had also sparked only fleeting gains in prices. 

Bitcoin rose 1.7% to $90,278.0 by 09:54 ET (14:54 GMT). Gains in the crypto also came tracking a recovery in global stock markets. 

Lutnick says Trump to reveal Bitcoin reserve plans at White House summit 

U.S. Commerce Secretary Howard Lutnick told independent publication The Pavlovic Today that Trump will reveal more plans for a Bitcoin strategic reserve on Friday, when he hosts the White House’s first crypto summit.

Lutnick also said that Trump would give Bitcoin special consideration under his crypto plans.

Trump is expected to provide more insight into his administration’s plans for crypto regulation, especially after he signed a host of executive orders to explore a regulatory framework for crypto. 

Trump’s plans for a government-backed crypto reserve will be a key point of focus during Friday’s summit, given that he has long touted its formation. The U.S. President had last week outlined five cryptos- Solana, Cardano, XRP, Bitcoin, and Ether, for the reserve.

But Trump has so far provided scant cues on how the reserve will be formed- through executive order or through Congress. The former option will severely limit the amount of funds that can be deployed towards the reserve, while the latter option is likely to face resistance from policymakers, given that reducing government spending is a key goal of Trump and the Republican party. 

This uncertainty also saw crypto markets log a fleeting positive reaction to Trump’s earlier comments on a reserve. 

Core Scientific shares tank 13% on FT report

In other crypto market developments, Bitcoin miner Core Scientific Inc (NASDAQ:CORZ) saw its shares tumble over 13% after Thursday market open following reports that Microsoft Corporation (NASDAQ:MSFT) has scaled back some agreements with cloud computing firm CoreWeave.

CoreWeave, which supplies AI computing power to Microsoft, recently filed for an IPO aiming to raise $4 billion at a $35 billion valuation.

Last month, Core Scientific announced a $1.2 billion data center expansion with CoreWeave. However, according to the Financial Times (FT), CoreWeave has faced delivery delays, prompting Microsoft to reduce its commitments, though it remains a key partner.

Microsoft accounts for 62% of CoreWeave’s revenue and has pledged over $10 billion in spending on its services by 2030. The company has grown rapidly, generating $1.9 billion in revenue in 2024, but remains unprofitable.

It relies heavily on NVIDIA Corporation (NASDAQ:NVDA) chips and has raised $14.5 billion in debt and equity. Microsoft’s decision reflects its evolving AI infrastructure strategy while maintaining significant investments in the space.

Crypto price today: altcoins track Bitcoin rebound 

Broader crypto prices rose in tandem with Bitcoin, although they were also nursing a choppy performance over the past week. 

World no.2 crypto Ether rose 2.3% to $2,232.80, while XRP rose 4.6% to $2.58.

Solana added 2.8% while Cardano dropped 4.6%. 

Among meme tokens, Dogecoin edged higher 2.5%, while $TRUMP advanced 1.5%.

Ambar Warrick contributed to this report.