Investing.com-- Bitcoin remained subdued on Wednesday after last week’s slide to a seven-month low, as investors cautiously parsed growing odds of a U.S. interest rate cut and braced for a possible new Federal Reserve chair.
The world’s largest cryptocurrency last traded 0.8% higher at $87,608 by 09:41 ET (14:41 GMT).
After plunging below recent support levels to near $80,000, the cryptocurrency has recovered modestly to hover around $88,000, though it remains rangebound, as trading remains cautious and risk sentiment tepid.
Fed cut bets rise; new chair nomination in focus
Investor optimism over a December rate cut has risen. Softer-than-expected U.S. economic data has revived hopes that the Fed may lower borrowing costs soon.
Meanwhile, speculation that Kevin Hassett -- a close adviser to Donald Trump -- could succeed the current Fed chair has injected fresh momentum into markets. Reports said that Hassett is viewed as likely to support aggressive rate cuts if appointed.
That possibility is seen by many as a nod toward easier monetary policy, a backdrop that often favours risk assets such as cryptocurrencies.
Even so, crypto investors remain cautious after the recent slide. The sharp drop and volatility have shaken confidence, and many are holding off on large bets until macroeconomic and policy signals become clearer.
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CFTC seeks nominations for new ‘CEO Innovation Council’
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The Commodity Futures Trading Commission (CFTC) is calling for nominations to a newly proposed “CEO Innovation Council,” as Acting Chair Caroline D. Pham moves to broaden U.S. oversight of cryptocurrencies and digital-asset markets.
The council, announced on Tuesday, is being assembled to provide industry-led guidance on digital-asset regulation, tokenized collateral, stablecoins, and other emerging market structure issues.
Nominations must be submitted by Dec. 8 and should include a candidate’s name, title, affiliation, and proposed areas of focus.
Pham described the move as critical to “hit the ground running” as the agency expands digital-asset regulation.
Ark Invest ramps up crypto-stock buying after dip
Cathie Wood’s Ark Invest stepped up its buying of crypto-linked stocks on Tuesday after renewed price weakness.
A trade disclosure shows Ark spent $13.5 million on Block shares, $7.6 million on Circle Internet Group and $3.86 million on Coinbase, spreading the purchases across several ETFs. Most of the activity flowed through the flagship Ark Innovation ETF, where Coinbase is already a core position.
The crypto exchange is ARKK’s fourth-largest holding at $391 million, or about 5.22% of the portfolio. Circle accounts for $179 million, while Block stands at $85.2 million.
Ark also added $1.52 million of Bullish shares, nearly $879,000 of Robinhood Markets and a further $2.8 million of its own Ark-21Shares spot bitcoin ETF.
Crypto price today: altcoins also subdued
Most altcoins were also subdued on Wednesday, trading in tight ranges.
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World no.2 crypto Ethereum edged up 0.6% to $2,926.06.
World no. 3 crypto XRP fell 2.2% to $2.16.
Solana and Cardano edged slightly higher, while Polygon slipped 0.7%.
Among meme tokens, Dogecoin added 1%, while $TRUMP dipped 1%.
(Ayushma Ojha contributed to this report.)
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