Bitcoin Climbs Near $93K After 10% Rally; Crypto Stocks Extend Gains

Bitcoin rebounded from an early dip to $91,800 on Wednesday morning, climbing back toward $93,000 by the afternoon. After a rapid 10% gain over just two days, the largest cryptocurrency now faces a key technical test near the 2025 yearly open at $93,400. That level is acting as resistance, and bulls will need to push decisively above it to maintain upward momentum.

Ethereum’s ether also advanced, reclaiming the $3,100 mark and reaching its highest price in two weeks. Ether rose 3.5% over the past 24 hours, outpacing bitcoin’s roughly 1% gain during the same period.

Markets were briefly shaken in the morning following a report from The Information suggesting that Microsoft (MSFT) was lowering AI software sales quotas due to slower-than-expected adoption. The news sent Microsoft shares down nearly 3%, pulling the Nasdaq into negative territory. The tech giant later denied the report, reaffirming that sales quotas had not changed.

Crypto Stocks Extend Rally

Meanwhile, crypto-related equities extended their gains. USDC issuer Circle (CRCL) and crypto exchange Gemini (GEMI) each surged nearly 10%, though both remain below their public market debut valuations earlier this year. Coinbase (COIN), Galaxy Digital (GLXY), and Robinhood (HOOD) each gained about 5%. Bitcoin miners also advanced, led by IREN with a 6% increase.