Bitcoin and Major Cryptocurrencies Rebound Amid Tech Rally and New Stablecoin Rules
Cryptocurrency markets saw a broad recovery on October 21, led by Bitcoin (BTC) rising over 2% to approximately $84,489. Ethereum (ETH) and Solana (SOL) also posted gains as investor appetite for risk increased alongside a rally in technology stocks. The market received a structural boost from the Office of the Comptroller of the Currency (OCC), which finalized stablecoin rules following the passage of the Genius Act. This regulatory progress is expected to benefit programmable blockchains like Ethereum and Solana by facilitating stablecoin issuance on their networks. Additionally, Solana successfully launched its Alpenglow upgrade to enhance network speed. While U.S. spot Bitcoin ETFs saw significant inflows totaling $527 million on Monday—driven largely by the iShares Bitcoin Trust—Ethereum ETFs faced outflows. Despite volatility, JPMorgan has included Bitcoin in long-term forecasts, predicting 10% annualized returns over the next decade.
Tickers: $BTC $ETH $ETHA $FBTC $GBTC $IBIT $JPM $SOL
Topics: Bitcoin price action Crypto ETF inflows/outflows Ethereum price action OCC stablecoin rules Solana price action