BTC is up today, largely due to the SEC's new custody rules. The CLARITY Act didn’t pass, and the crypto market structure bill in Congress is still stuck, but the U.S. hasn’t stopped pushing forward the development of cryptocurrency. In fact, they’re actively working to address issues like enabling big players, such as institutions, to enter the market. For institutions to allocate BTC, the prerequisite is that assets must be held in compliant custody. Previously, custody options had high barriers, but now, if suitable custodians can’t be found, institutions and funds can self-custody under certain conditions. Additionally, state-chartered trust companies that meet the requirements can also act as custodians for crypto assets. With more custody options and clearer rules, the resistance for bitcoin:native to enter funds, institutions, and regulated accounts is decreasing, which is definitely bullish for Bitcoin holdings. On top of that, during BTC’s pullback a few days ago, some contract positions were cleared out, and open interest has noticeably dropped. Some of the leveraged positions chasing the rally have exited, so the market isn’t as heavily positioned now. Plus, with PCE coming in lower than expected, concerns about further rate hikes have eased. Citi even raised its BTC price target, making it easier for the price to climb. Of course, today’s non-farm payroll data might also impact the market, but it’s already clear that, despite Trump not doing much during his term, the SEC and CFTC appointees from his administration are actually pushing crypto forward. One @Gate, trading more markets.