Bitcoin Holds Steady Above $87K as Market Eyes Regulatory Shift

Bitcoin’s price hovered above the $87,000 mark as the crypto industry turned its attention to Thursday’s confirmation hearing of incoming SEC Chairman Paul Atkins. Market data also showed that Circle’s flagship stablecoin product USDC topped $60 billion in market capitalization for the first time ever, which likely bodes well for bitcoin and other cryptocurrencies.

The leading digital asset is currently valued at $87,052.87, reflecting a modest 0.33% gain over the past 24 hours and a 2.78% increase over the last seven days, according to data from Coin Market Cap.

( BTC price / Trading View)

Bitcoin traded within a 24-hour range of $85,861 to $88,292, suggesting continued volatility as investors assess macroeconomic factors and upcoming regulatory developments. The asset’s market capitalization now stands at $1.72 trillion, up 0.32% since yesterday.

Trading volume has seen a slight dip, registering at $27.06 billion, down 5.49% over the past 24 hours. Meanwhile, bitcoin’s market dominance, as tracked by Trading View, declined slightly by 0.11% to 61.71%, indicating that some capital is flowing into alternative cryptocurrencies.

( BTC dominance / Trading View)

In the derivatives market, total bitcoin futures open interest has slipped 1.08% to $54.72 billion, per Coinglass data. Liquidations over the past 24 hours totaled $51.86 million, with long positions accounting for $32.06 million, while short liquidations stood at $19.80 million. This suggests that bullish traders faced more pressure as bitcoin briefly dipped before stabilizing.

Investors are closely watching developments at the SEC where Paul Atkins is set to be confirmed as the new chairman on Thursday. Atkins, known for his pro-business stance, is expected to bring a more favorable regulatory environment for bitcoin and the broader digital asset industry.

“A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach,” Atkins said.

His leadership could result in clearer guidelines for bitcoin ETFs, custody rules, and institutional bitcoin adoption.

Adding to the bullish sentiment, Circle’s USDC has reached a record $60 billion market capitalization. The growth of USDC highlights increasing stablecoin adoption, suggesting heightened institutional and retail interest in digital assets, which could provide further tailwinds for bitcoin’s price action.

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