Bitcoin Price Dips Below $84,000 Amid Market Uncertainty; Gold Strengthens as Safe Haven

Bitcoin's price experienced a 10% drop, falling below $84,000 today, after briefly surging to $94,000 earlier this week following news of the U.S. crypto strategic reserve. This decline coincides with a broader market sell-off and a shift in investor sentiment, as indicated by a 14.42% drop in open interest on March 1 and a fall in the Crypto Fear & Greed Index from 72 to 26 since February 4. Analysts suggest upcoming regulatory discussions at the White House Crypto Summit on March 7 could further influence Bitcoin's volatility. Meanwhile, gold prices have surged to $2,915 per ounce, nearing last week's high of $2,950, driven by demand for safe-haven assets amid economic uncertainties. A Bank of America survey in February revealed that only 3% of fund managers view Bitcoin as a reliable store of value during trade tensions, compared to 58% who favor gold. Bitcoin's recent volatility includes a 17.39% drop in February, marking its largest decline since 2014.