Bitcoin Extends Gains on Short-Covering and De-Escalation Hopes
Bitcoin's price surge has continued after a major breakout from its month-long range, fueled by short-covering and a less hawkish-than-expected Fed dot plot.
The US Commodity Futures Trading Commission (CFTC) submitted regulatory review filings for crypto market framework using its existing authority, effectively signaling that it intends to move forward with the plan rather than waiting for Congress.
Strategy resumed buying Bitcoin, purchasing another 950 BTC for approximately $75.7 million, a symbolically important move as they had paused purchases for several weeks.
The market's focus is now on the UN General Assembly, where Trump will meet with Gulf leaders and potentially with Iran's President, which could lead to de-escalation in the war with Iran and support risk sentiment and Bitcoin.