Bitcoin (BTC) is trading at about $88800

Bitcoin (BTC) is trading at about $88800

Bitcoin (BTC) is trading at about $88,800 on Wednesday, following a decline to $86,050 yesterday.

On Tuesday, the US Bitcoin spot Exchange Traded Funds (ETFs) to drive the recent BTC price correction with reports showing the highest one-day outflow of $937.90.

However, the market did not welcome MicroStrategy’s latest purchase of BTC, following fears over US President Donald Trump’s tariffs, which continue to mount, a K33 report indicates.

SEC case against Uniswap dismissed: Crypto rules take a wild turn

The US Securities and Exchange Commission (SEC) has closed down its case against Uniswap, paving the way for a surge in UNI token trading.

Following the news, the price of the cryptocurrency dropped to $12.77 on Wednesday. From there, it rebounded to $13.09 by 04:00 ET (08:00 GMT).

Meanwhile, the SEC has reportedly begun internal discussions about a potential legal framework for cryptocurrencies, seeking to create a system that is clear and measurable.

This follows a period of ambiguity, with the regulator taking a largely hostile stance. However, this stance appears to be shifting, notably with the closure of the case against Uniswap.

After months of investigation, the SEC has decided not to pursue its case against Uniswap, a popular decentralized exchange. The probe focused on whether the exchange should have registered as a national securities exchange and if its founders should have sold tokens to US investors in a manner that complies with federal securities law.

Finally, the SEC has decided to close the case and move in a different direction.

“We have decided not to pursue an administrative law case against Uniswap,” a spokesperson for the SEC said.

Despite this development, the SEC is still planning to continue its case against crypto lending platform BlockFi.

Time to make the bold move with crypto investments

Crypto crossed below its 3-month support level on Tuesday, setting the stage for a substantial sell-off. Even the efforts of institutional investors failed to curb the negative emotions, evident in the decline of US stock indices.

Despite this downturn, crypto managed to recover by Wednesday, pushing market cap up from $2.87 trillion to $2.93 trillion. The direction is now upward from its low, highlighting crypto’s resilience in bouncing back and recovering as investors seek more definitive economic signals and regulatory leadership.

Here’s a glance at some of the best cryptocurrencies to buy now.

In other news, despite the overall positive performance of the cryptocurrency market on Tuesday, there was a noticeable lack of momentum in the world’s largest cryptocurrency, Bitcoin (BTC).

After a period of consolidation, BTC’s price dropped to $86,050 on Tuesday.

Nonetheless, analysts at Arcane Research observed a different perspective. They noted a substantial outflow from US Bitcoin spot Exchange Traded Funds (ETFs) might have contributed to the recent BTC price correction.

According to Glassnode data, the highest one-day outflow from these ETFs occurred on Monday, with reports indicating an outpouring of $937.90 million.

Moreover, the market did not react well to MicroStrategy’s latest purchase of BTC, an action usually met with enthusiasm. However, rising concerns over US President Donald Trump’s tariffs, which K33 predicts will escalate, dampened the mood.