The cryptocurrency market saw a rebound as Bitcoin touched $84k following a softer Consumer Price Index (CPI) report. Ethereum (ETH) faced pressure, experiencing liquidations and trading at ratios last seen in December 2020. A significant whale liquidation of ETH triggered concerns in the market, while large investors reportedly accumulated around 65k BTC during recent downturns. Legislative support for a plan to acquire 1 million BTC emerged, alongside discussions in the House regarding stablecoins. In the larger economic context, market pain for BTC has been correlated with equities, stressing the interconnectedness of these markets. The SEC delayed decisions on various cryptocurrency Exchange-Traded Funds (ETFs) while new legislation related to stablecoins is anticipated. Noteworthy activities included a prominent Hong Kong firm investing $27 million in BTC and ongoing discussions about the regulatory landscape for cryptocurrencies. Overall, the market exhibited volatility, with fear and greed indicators reflecting extreme market sentiment, igniting speculation about future trends and institutional engagement.

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