Major regulatory shift: Michael Selig confirmed as CFTC Chairman, signaling potential policy direction for crypto markets.

On the trading front, Bitcoin delivered a dramatic recovery. After dipping $3,000, BTC bounced back sharply to hold the $85,000 level, showcasing strong support in the current price zone. The recovery wasn't without pain—millions in liquidations swept through the market during the volatility spike, triggering cascading forced closures across leveraged positions.

Despite the shake-out, momentum remains bullish. The quick rebound from the dump signals buyer strength, with traders eyeing continuation higher. Such market moves often clear weak hands before larger rallies, keeping the upside story intact.