The Bitcoin price surged early Wednesday, reclaiming the $90,000 level as traders digested fresh macro signals and growing momentum around U.S. crypto regulation.
The move followed a sharp reversal from weekend lows near $86,000, with the bitcoin price climbing to highs of $90,361 into the day, according to Bitcoin Magazine Pro data.
All this is happening as the market braced for the Federal Reserve’s first rate decision of the year later today, with futures pricing in an almost certain hold on rates Wednesday.
With unemployment at 4.4%, traders are focused less on inflation and more on whether Chair Jerome Powell signals concern about labor market softness.
If Powell leans into job market resilience and pushes back against near-term rate cuts, a “neutral” Fed meeting could quickly turn bearish for crypto.
Gold continues to surge to new all-time high above $5,300 per ounce, underscoring renewed demand for hard assets amid rising currency uncertainty. Bitcoin appeared to benefit from the same macro tailwinds, reversing earlier caution that had dominated trading after last weekend’s dip.
A late-day bitcoin price rally unfolded yesterday as President Donald Trump, speaking in Iowa, dismissed concerns over the weakening U.S. dollar, saying he was “not concerned” about its decline and insisting the dollar was “doing great.”
Bitcoin price: Senate committee expected to vote on crypto market structure bill tomorrow
This price rally comes at a pivotal moment for U.S. crypto policy. On Thursday, the Senate Agriculture Committee is scheduled to vote on a crypto market structure bill that would clarify regulatory jurisdiction over digital asset markets.
The markup is expected to include several amendments, with lawmakers ultimately deciding whether to advance the bill to the Senate floor, according to Crypto in America.
While Democratic support for the legislation remains uncertain, the absence of unrelated amendments widely viewed as deal-breakers has boosted expectations that the bill could move forward.
For market participants, progress on the legislation represents a potential step toward long-sought regulatory clarity in the United States.
Bitcoin’s price action reflects that shifting backdrop. After struggling for much of the past 24 hours to reclaim the $88,000 level amid ETF outflows, Federal Reserve uncertainty, and lingering bearish technical pressure, buyers reasserted control into the close.
At the time of publication, the bitcoin price was trading at $90,075, up roughly 2% over the past 24 hours, with daily trading volume around $43 billion. The asset’s circulating supply stands at 19.98 million BTC, out of a fixed 21 million maximum.
Source: https://bitcoinmagazine.com/markets/bitcoin-price-jumps-above-90000
