Bitcoin muted at $83.7k, but set for best quarterly performance since Q4 2024

Bitcoin remained relatively stable at $83,709.5 on Wednesday, marking a slight 0.3% increase. Despite a recent dip, the year's best quarterly performance since Q4 2024 is anticipated, buoyed by expectations of U.S. regulatory approval. The Securities and Exchange Commission's actions, which mitigated concerns about the Clarity Act's failure, have bolstered market confidence.

Despite soaring Treasury yields, which have pressured Bitcoin off its eight-month highs, the Federal Reserve's hawkish stance and recent economic data offered some respite. Traders have tempered their expectations of a quarter-point rate hike from the Federal Reserve, with the probability now at around 37%, down from 51% the day prior.