Bitcoin hovered around $108,000 on Sunday as crypto traders waited for clearer direction from regulators in the United States and Europe. Market participants are watching for signals from the U.S. Securities and Exchange Commission and the European Union’s MiCA framework, both of which could shape how digital assets are traded and taxed.

Analysts say the next round of rule-making may matter as much as price momentum in the short term. Clearer licensing requirements and tax guidance could help determine whether trading volumes rise or remain subdued, especially among firms that have been cautious amid shifting compliance demands.

The market has been relatively calm after a period of volatility, with investors appearing to pause rather than make large bets ahead of potential policy updates. For now, traders are focused less on hype and more on whether regulators will provide a stable framework that supports broader participation without adding fresh uncertainty.