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Bitcoin Climbs Above $80K Amid Progress in Crypto Regulation
On Friday, Bitcoin rose after U.S. lawmakers advanced key cryptocurrency legislation. However, caution surrounding U.S.–China negotiations and the ongoing conflict involving Iran limited further gains.
Bitcoin rose 0.6% to $80,351.5 as of 05:38 GMT.
The world’s largest cryptocurrency showed resilience overnight, reclaiming support above the $80,000 level after U.S. lawmakers advanced the CLARITY Act.
Still, Bitcoin’s rally slowed amid growing caution surrounding U.S.–China trade negotiations and increasingly aggressive rhetoric from U.S. President Donald Trump regarding Iran.
Senate Banking Committee Advances CLARITY Act
On Thursday, the U.S. Senate Banking Committee voted 15–9 to advance the CLARITY Act, paving the way for a potential full Senate vote.
The bill seeks to establish a comprehensive regulatory framework for the U.S. cryptocurrency industry — a long-awaited step supported by much of the digital asset sector.
However, the legislation is expected to face significant resistance, particularly from banking lobby groups that have repeatedly called for stricter limitations on stablecoin yield products.
Several labor unions and law enforcement organizations have also expressed concerns that the bill could negatively affect consumers and financial institutions.
The CLARITY Act must now be reviewed by the Senate Agriculture Committee before it can proceed to a vote in the full Senate.
The bill will require support from at least 60 senators to pass.
Uncertainty Around China and Iran Weighs on Crypto Markets
Cryptocurrency markets also faced pressure as broader financial markets shifted toward risk aversion amid uncertainty surrounding the outcome of the ongoing U.S.–China summit.
Harsh comments from Donald Trump regarding Iran further unsettled investors.
Optimism surrounding the U.S.–China summit weakened after a U.S. trade official stated that semiconductor export controls were not discussed during recent talks between Trump and Xi Jinping.
Trump and Xi concluded negotiations on Friday and acknowledged some progress in bilateral relations, although neither side specified what agreements had been reached during Trump’s state visit to China.
In an interview with Fox News, Trump stated that he was losing patience with Iran and urged the country to accept a peace agreement or face even broader military action.
His remarks triggered a sharp rise in oil prices.
Inflation and Energy Risks Remain Key Market Concerns
Concerns over the inflationary impact of the Iran conflict remain central to market sentiment following several U.S. inflation reports released this week that exceeded expectations.
Altcoins Trade Sideways Amid Weak Risk Appetite
The broader cryptocurrency market traded mostly sideways on Friday amid subdued risk appetite.
Ethereum, the world’s second-largest cryptocurrency, fell 0.9% to $2,249.12.
Meanwhile, XRP gained approximately 2%.
Solana, BNB, and Cardano each moved less than 1%.
Among meme coins, Dogecoin declined 0.8%, while TRUMP fell 1.1%.
See also: "Tether and Circle Unfreeze More Than $75 Million in USDT and USDC"
