Bitcoin’s price surged early Wednesday morning, reclaiming the $90,000 mark as traders assessed fresh macroeconomic indicators and growing trends related to U.S. cryptocurrency regulation. This rally followed a rapid recovery from a near-weekend low of around $86,000, pushing Bitcoin’s value up to $90,361. The development comes just before the Federal Reserve’s first interest rate decision of the year, with markets widely expecting rates to remain unchanged. The U.S. unemployment rate stands at 4.4 percent, leading investors to focus more on labor market softness rather than inflation concerns. If Fed Chairman Jerome Powell emphasizes labor market strength and dismisses near-term rate cuts, it could negatively impact the crypto market.
Meanwhile, gold prices also climbed to a new high of $5,300 per ounce, reflecting increased demand for safe-haven assets amid currency uncertainties. Bitcoin benefited from these macroeconomic trends, overcoming the cautious sentiment seen late last week. The price increase coincides with the U.S. Senate Agriculture Committee’s scheduled vote on the Cryptocurrency Market Structure Bill, which aims to clarify regulatory authority over digital assets. The bill could represent a significant step toward regulatory clarity, and despite some political uncertainty, its lack of controversial amendments raises hopes for passage on the Senate floor.
Over the past 24 hours, Bitcoin struggled to maintain the $88,000 level due to ETF capital outflows, Fed-related uncertainties, and technical pressures; however, buyers regained control in the final hours. Currently, Bitcoin trades around $90,075 with a daily trading volume close to $43 billion. Approximately 19.98 million coins are in circulation, nearing the maximum supply cap of 21 million.
Source: bitcoinmagazine
