The price of Bitcoin soared past the $90,000 mark early Wednesday as investors reacted to new macroeconomic developments and increasing momentum surrounding U.S. cryptocurrency regulations.
After dipping to weekend lows near $86,000, Bitcoin rebounded sharply, reaching a peak of $90,361 during the day according to data from Bitcoin Magazine Pro.
This surge occurred as markets prepared for the Federal Reserve’s initial interest rate decision of the year scheduled later today. Futures markets are pricing in a near-certain pause on rate changes this Wednesday.
With unemployment steady at 4.4%, traders are shifting their focus away from inflation concerns toward whether Fed Chair Jerome Powell will express worries about potential weakness in the labor market.
If Powell emphasizes job market strength and dismisses expectations for imminent rate cuts, what initially seemed like a “neutral” Fed meeting could quickly turn negative for cryptocurrencies.
Meanwhile, gold prices continue climbing to unprecedented levels above $5,300 per ounce, highlighting renewed investor appetite for tangible assets amid growing currency instability. Bitcoin appears to be benefiting from similar macroeconomic forces that reversed earlier cautious sentiment following last weekend’s dip.
A late rally in Bitcoin’s price also coincided with remarks by former President Donald Trump in Iowa where he downplayed fears over the weakening U.S. dollar—stating he was “not concerned” about its decline and asserting that it was “doing great.”
Senate Committee Set To Vote On Crypto Market Structure Bill Tomorrow
This upward movement comes at a critical juncture for cryptocurrency policy in America. The Senate Agriculture Committee is slated to vote on Thursday regarding legislation aimed at clarifying regulatory oversight within digital asset markets.
The bill markup is expected to include several amendments before lawmakers decide whether it should advance to the full Senate floor session according to Crypto in America.
Although Democratic backing remains uncertain, optimism has grown due to the exclusion of unrelated amendments previously seen as obstacles—raising hopes that progress may be made on this legislation soon.
For those involved in crypto trading and investment, any advancement signals potential regulatory clarity long awaited across U.S. markets.
The recent price behavior of Bitcoin mirrors these evolving conditions perfectly: after struggling throughout much of yesterday against ETF outflows combined with uncertainty around Federal Reserve policies and persistent bearish technical indicators near $88K resistance levels—buyers regained control by day’s end.
At publication time today, Bitcoin traded around $90,075, marking an approximate 2% gain over 24 hours with daily volume close to $43 billion. The circulating supply currently stands just under 20 million BTC out of a capped total supply fixed at 21 million coins.
This article titled “Bitcoin Price Jumps Above $90,000 Ahead Of Fed Meeting, Senate Crypto Vote” originally appeared on Bitcoin Magazine and was authored by Micah Zimmerman.