Cryptocurrencies Wednesday roared back from yesterday's drubbing, with bitcoin [BTC] nearing a new 18-month high just shy of $38,000 after tumbling below $35,000 at one point on Tuesday.

Boyaa Interactive unveiled plans this week to potentially buy up to $100 million worth of cryptocurrencies, mostly bitcoin [BTC] and ether [ETH] within a year.

Tuesday's sharp decline in crypto prices spurred the largest daily leveraged long liquidation since August, CoinGlass data shows.

An unexpected slowdown in inflation sent stock and bond markets sharply higher, but crypto was left out, possibly due to declining enthusiasm about the imminent approval of a spot bitcoin ETF.

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CME's rise to the top rank highlights the growing institutional demand for bitcoin, as the venue is almost exclusively used by large traditional financial institutions, one analyst noted.

Bitcoin hit an 18-month high near $38,000 before pulling back sharply.

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