Bitcoin rebounds, ETFs take hit, BofA recommends crypto: 3 Things

Let's get to the three things you need to know today. First up, US stock futures are bouncing back, equity staging a modest comeback after the major averages closed in the red to start December trading.

Meanwhile, Bitcoin is also rising after the token saw its worst day since March. The digital asset now currently trading above $87,000 per token.

However, crypto's retail traders have been hit hard, namely those who piled into leveraged ETFs tracking Bitcoin giant strategy.

That company has struggled to ease investor concerns amid the rout in digital tokens following a 60% drop from recent highs.

Strategy said it had created a 1.4 billion dollar reserve, US dollar reserve to fund dividend and interest payments.

But the most popular leveraged exchange traded funds tracking strategy stocks, that's MSTX and MSTU, they've both dropped more than 80% this year.

Meanwhile, Wall Street's institutional adoption of crypto is progressing. Bank of America says its wealth management clients should start thinking about getting some crypto exposure in their portfolios,

the firm endorsing a 1 to 4% allocation to digital assets for clients.

And the se world's second largest asset manager manager Vanguard is reversing a long-standing position on crypto.

The firm will now allow ETFs and mutual funds that primarily hold cryptocurrencies to be traded on its platform.