Bitcoin reversed course on Saturday and was trading slightly above $85,000 on Saturday, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional
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Bitcoin jumps above $85,000 as SEC custody proposal boosts institutional outlook
AuthorJaiveer Shekhawat
Published Oct 02, 2026, 09:53 PM
Updated Oct 03, 2026, 02:16 PM
MSTR-0.31%
Bitcoin US Dollar+0.42%
STRC-0.09%
© Reuters
Investing.com -- Bitcoin reversed course on Saturday and was trading slightly above $85,000 on Saturday, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional participation.
Bitcoin was trading at $85,034.0 as of 14:08 PM ET (16:08 GMT), up nearly 1%. The cryptocurrency remained higher on the day after spending much of the previous session around $84,500 to $85,000.
The SEC proposed changes to custody rules that would allow investment advisers and funds to directly hold certain digital assets when a qualified third-party custodian is unavailable, subject to safeguards.
Existing frameworks have largely relied on traditional custodians, creating difficulties for advisers seeking exposure to assets for which qualified custody services are limited. The SEC proposal would provide another route for funds and advisers to hold such assets under federal securities rules.
The proposal will enter a 60-day public comment period following publication in the Federal Register.
Bitcoin also received some support from softer U.S. economic data. September nonfarm payrolls rose 29,000, below expectations of 90,000, prompting declines in Treasury yields and the dollar as markets reassessed the outlook for Federal Reserve interest rates.
The price increase triggered substantial liquidations among traders positioned for a decline. About $142 million of Bitcoin short positions were liquidated over 24 hours, compared with roughly $29 million in long positions, according to Coinglass data cited in the source material.
