Bitcoin Rebounds Above $97,000

Bitcoin, the world's leading cryptocurrency, has rallied past the $97,000 mark on Wednesday, rebounding from a temporary pullback earlier this week. The retreat, likely driven by investor profit-taking, came as the digital asset closed in on the highly anticipated $100,000 milestone, sparking fluctuations in market demand.

SOS Limited, a blockchain-focused company, also announced plans to invest $50 million in Bitcoin, a move that appears to have fueled a sharp surge in the cryptocurrency's price. The rise in crypto prices may also be influenced by the nomination of Scott Bessent, a long-time hedge fund manager and outspoken advocate for cryptocurrencies, as Treasury Secretary. His potential appointment could open the door to new regulations for the cryptocurrency market.

Bitcoin surged 5.74% to sell at $97,203.03 at 3:15 pm ET. Ethereum skyrocketed 8.90% to $3,619.05 at the same time.