Bitcoin is trading steadily around $68,000 on Wednesday, supported by comments from former U. S. President Donald Trump regarding cryptocurrency regulation. However, ongoing concerns about the conflict between the U. S. and Iran are keeping prices under pressure.
Bitcoin was relatively flat at $68,147.8 as of 01:30 ET (06:30 GMT). This week, the cryptocurrency briefly rebounded to $69,000 before paring some gains. Trump has criticized banks for allegedly attempting to undermine the GENIUS Act, which regulates stablecoins, by stalling the CLARITY Act in the Senate. Trump stated that he would not allow banks to undermine the crypto agenda, which he believes could be taken over by China if the CLARITY Act is not addressed.
Meanwhile, geopolitical anxiety stemming from the U. S.-Iran conflict and its potential impact on global oil supplies continues to weigh on the broader market. These concerns have raised fears that persistent inflation could prompt hawkish responses from central banks.
Other cryptocurrencies are also experiencing volatility, with Ether falling 1% to $1,979.99 and XRP dropping 0.2% to $1.3594. Overall, the cryptocurrency market remains sensitive to both regulatory developments and geopolitical events.
