{
  "id": 11581053,
  "title": "Bitcoin holds below $85,000 as SEC custody proposal boosts institutional outlook",
  "url": "https://urgent.news/2026/10/03/bitcoin-holds-below-85-000-as-sec-custody-proposal-boosts",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-03T02:15:26.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-below-85000-as-sec-custody-proposal-boosts-institutional-outlook-4930676"
  },
  "original_language": "en",
  "account": "Bitcoin struggled to surpass the $85,000 mark on Friday, after a brief surge above $87,000, with the U.S. Securities and Exchange Commission proposing new custody rules for digital assets. As of 21:55 ET, Bitcoin was trading at $84,612.4, a 0.35% decrease from its peak of $87,219. The cryptocurrency experienced more stability after being anchored in the $84,500-$85,000 range for much of the previous day. The newly proposed SEC regulations would enable investment advisers and funds to hold certain digital assets directly, bypassing traditional custodians when third-party services are unavailable. This development would provide a new avenue for funds to invest in such assets, subject to federal securities rules. The proposal will be open to public comment for 60 days before being published in the Federal Register. The Bitcoin rally was also bolstered by softer U.S. economic data, with September nonfarm payrolls rising 29,000, below the expected 90,000, leading to a decline in Treasury yields and the dollar. This shift put downward pressure on Bitcoin's price, causing traders to liquidate their positions. Over 24 hours, approximately $142 million worth of Bitcoin short positions were liquidated, compared to around $29 million in long positions, according to Coinglass data. Corporate interest in Bitcoin continues to grow, as Strategy (NASDAQ:MSTR) Executive Chairman Michael Saylor outlined his company's strategy for financing its Bitcoin-related operations. Its STRC preferred shares offer a 12% annualized dividend rate, and the company plans to switch to daily dividend accruals, which shareholders will vote on Oct. 28. A new entrant, Supercycle Finance, is taking a different approach by proposing to raise up to $75 million through an offering, with a majority of the funds earmarked for Bitcoin purchases. The company intends to sell Bitcoin during perceived high periods and hold interest-bearing assets during other times. Ether, the second-largest cryptocurrency by market cap, saw a 1.42% drop to $2,678.29, while XRP, the third-largest, declined 0.51% to $1.4894. Other notable declines were observed in Solana, BNB, and Cardano, while Dogecoin saw a 0.79% decrease. Among meme coins, TRUMP remained flat, and Shiba Inu experienced a 0.87% decline.",
  "summary": null,
  "key_points": [
    "Bitcoin hovered around $84,612, failing to break $85,000",
    "SEC proposed new custody rules for digital assets",
    "Soft U.S. economic data and short selling pressured Bitcoin"
  ],
  "editors_take": "The SEC's proposed custody rules for digital assets could provide a new avenue for institutional investment in Bitcoin, potentially boosting its outlook and further integrating it into mainstream financial markets.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}