ION expands ETF trading capabilities with Tradeweb integration
Investing.com-- Bitcoin surged back above the $93,000 mark on Wednesday, recovering from Monday’s steep drop near $84,000, as investors drew confidence from positive regulatory developments in the U.S. and increasing hopes for a near-term interest rate cut.
The world’s largest cryptocurrency last traded 7.2% higher at $93,101.6 by 02:19 ET (07:19 GMT).
The rebound comes after a bruising start to the week when bitcoin briefly dipped below $85,000 -- marking a roughly 33% slide since its early-October record highs above $126,000.
SEC signals, Vanguard shift support rebound
Reports attributed much of the strength to remarks from U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, who reiterated that the agency plans to roll out a new regulatory framework, including a proposed “innovation exemption,” to accommodate digital-asset firms.
The exemption is expected to provide more clarity and flexibility around issuance, custody, and trading of crypto assets as the agency works to modernize rules.
At the same time, institutional adoption received a boost after Vanguard, the world’s second-largest asset manager, reversed its earlier stance and announced that it will allow trading of cryptocurrency-focused ETFs and mutual funds on its brokerage platform starting this week.
The move expands access to regulated exposure for millions of investors and underlines growing acceptance of crypto products by mainstream finance.
Investors also assessed hiked bets on a Federal Reserve rate cut next week, adding to Bitcoin’s appeal as a risk asset priced in dollars.
Still, large swings in recent days have stoked caution amongst traders, with fears that the rebound may be temporary.
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Crypto price today: altcoins bounce back; Ether surges 10%
Most altcoins rose sharply on Wednesday amid broad-based buying.
World no.2 crypto Ethereum jumped 10% to $3,062.92.
World no. 3 crypto XRP climbed 9.3% to $2.20.
Solana surged 12% and Cardano added 14%, while Polygon rebounded 7%.
Among meme tokens, Dogecoin climbed 11% and $TRUMP gained 5.7%.