Bitcoin stabilized near $68,000 during Wednesday’s trading, benefiting slightly from U.S. President Donald Trump’s remarks supporting a stronger regulatory framework for the cryptocurrency industry. However, persistent concerns over escalating U.S. Iran tensions and their inflationary implications continued to weigh on the digital asset market, limiting the recent recovery momentum.
Bitcoin, the world’s largest cryptocurrency, was trading around $68,147 after earlier reaching $69,000 earlier in the week before retracing some gains.
The relative support came after Trump criticized major U.S. banks on social media, accusing them of attempting to undermine the “GENIUS” stablecoin law by obstructing the passage of the “CLARITY” bill in the Senate. The legislation aims to establish a comprehensive regulatory framework for the digital asset market. Trump emphasized that banks are generating record profits and should not weaken what he called a “strong cryptocurrency agenda,” warning that the sector could move abroad if the necessary regulations are not approved.
Congress had passed the “GENIUS” law in June 2025 to regulate stablecoins, including a ban on direct yield payments to holders by issuers such as Tether. Intermediary platforms, like trading exchanges, can still offer yields, a loophole banks aim to close through the “CLARITY” bill, which passed the House in July but has not yet been approved in the Senate.
Meanwhile, other cryptocurrencies showed limited movement. Ethereum fell about 1% to $1,979, XRP declined 0.2%, while Solana and BNB remained largely unchanged. Cardano dropped roughly 3%, Dogecoin declined 2.6%, and the $TRUMP token fell about 3.4%.
These movements come amid ongoing geopolitical tensions in the Middle East for the fifth consecutive day, fueling concerns over the impact of the conflict on global oil supplies. This, in turn, heightens inflationary pressures and increases the likelihood of tighter monetary policies by central banks, prompting investors to reduce exposure to high risk assets, including cryptocurrencies.
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