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Bitcoin surged back above the $93,000 mark on Wednesday, recovering sharply from Monday’s steep drop toward $84,000 as sentiment improved on positive U.S. regulatory signals and growing expectations of a near-term Federal Reserve rate cut.
The world’s largest cryptocurrency was last up 7.2% at $93,101.6 by 02:19 ET (07:19 GMT). The rebound comes after a bruising start to the week, when bitcoin briefly slipped below $85,000, leaving it down roughly 33% from early-October record highs above $126,000.
Regulatory signals and Vanguard U-turn lift sentiment
Much of the latest strength was attributed to comments from U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, who reiterated that the agency plans to introduce a new regulatory framework for digital assets, including a proposed “innovation exemption” aimed at accommodating crypto firms.
The exemption is expected to offer greater clarity and flexibility around the issuance, custody, and trading of digital assets as the SEC moves to modernize securities rules for the sector.
Institutional adoption also received a boost after Vanguard, the world’s second-largest asset manager, reversed its earlier stance and announced it will permit trading of cryptocurrency-focused ETFs and mutual funds on its brokerage platform starting this week. The decision broadens regulated access for millions of investors and underscores the growing acceptance of crypto products in mainstream finance.
At the macro level, bitcoin continued to draw support from heightened expectations of a Federal Reserve rate cut next week, with easier monetary policy seen as supportive for risk assets priced in dollars.
Still, the violent swings seen in recent sessions have kept traders cautious, with many questioning whether the latest rebound will prove durable.
Altcoins bounce back; Ether surges 10%
Altcoins rallied alongside bitcoin in broad-based buying on Wednesday:
- Ethereum (ETH) jumped 10% to $3,062.92
- XRP climbed 9.3% to $2.20
- Solana surged 12%
- Cardano added 14%
- Polygon rebounded 7%
Among meme tokens, Dogecoin rose 11%, while $TRUMP gained 5.7%.
