Bitcoin stayed calm on Wednesday. The coin has been under pressure after falling to its lowest level in seven months last week. It was trading a little higher at around eighty seven thousand six hundred dollars in the afternoon.
The price had crashed close to eighty thousand dollars earlier. It has bounced back a bit, but the movement is still slow. Traders are careful right now. The mood in the market is quiet and a little shaky.
Many investors are watching the chances of a rate cut in the United States. Recent weak economic data has made people hope that the Federal Reserve may cut interest rates in December.
There is also talk that Kevin Hassett might be the next Fed chair. He is known to support strong rate cuts. If he gets the role, some traders think borrowing may become cheaper. That usually helps riskier assets, including cryptocurrencies.
Even with these possibilities, many crypto traders are cautious. The sharp fall last week scared a lot of people. Traders want to wait for clearer signs about the economy and policy before making big moves.
In another development, the US Commodity Futures Trading Commission has asked for nominations for a new CEO Innovation Council. This group will help guide rules for digital assets, tokenized collateral, stablecoins, and other new financial technologies. The goal is to move quickly as the agency starts expanding its grip on crypto regulation.
Meanwhile, Ark Invest, led by Cathie Wood, bought more crypto-related stocks after the recent price dip. The firm spent millions on shares of Block, Circle Internet Group, and Coinbase. Most of the buying was done through its main fund, Ark Innovation ETF. Coinbase is already one of its biggest positions.
Ark also picked up smaller amounts of Bullish, Robinhood, and its own bitcoin ETF.
Altcoins were also quiet on Wednesday. Ethereum inched slightly higher. XRP slipped. Solana and Cardano rose a bit, while Polygon moved lower. Dogecoin gained slightly. The token named Trump dipped a little.