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Bitcoin falls below $70,000 amid the conflict with Iran and CPI data
Bitcoin fell below the $70,000 level during Asian trading on Wednesday as investors monitored developments in the Middle East conflict and awaited key U.S. inflation data later the same day.
The world’s largest cryptocurrency was trading 0.5% lower at $69,583.5 as of 05:55 GMT.
Bitcoin recovered after briefly dropping to the mid-$60,000 range earlier this week as markets attempted to assess the economic consequences of the escalating war between the United States and Israel and Iran.
Traders assess mixed signals from the war with Iran
Risk sentiment in financial markets remains closely tied to the conflict, which has disrupted energy supplies and created threats to shipping through the strategic Strait of Hormuz.
Oil prices surged at the beginning of the week after the effective closure of the strait sparked fears of a supply shock, briefly pushing oil close to $120 per barrel.
Prices later retreated after U.S. President Donald Trump said on Monday that the conflict could end soon, easing some of the market’s anxiety.
Nevertheless, there are still few signs of rapid de-escalation. Fighting between U.S. and Israeli forces and Iran continued in the Persian Gulf region, prompting investors to remain cautious about the outlook for global economic growth and inflation.
U.S. CPI expected; lawmakers attempt to revive the stalled CLARITY Act
Market participants are also awaiting the release of U.S. Consumer Price Index (CPI) data later on Wednesday, which could influence expectations regarding the Federal Reserve’s interest rate path and risk appetite across various assets, including cryptocurrencies.
Meanwhile, attention in Washington remained focused on efforts by U.S. lawmakers to revive the stalled crypto CLARITY Act, with senators reportedly exploring a compromise on rules governing stablecoin yield — an issue that has become a key point of contention between banks and crypto companies.
The proposed legislation aims to provide clearer regulatory oversight of digital assets, which supporters say could help expand institutional participation in the crypto market.
Crypto prices today: altcoins also subdued
Most altcoins remained around flat levels on Wednesday.
The world’s second-largest cryptocurrency Ethereum fell 1% to $2,018.44.
The third-largest cryptocurrency XRP declined 0.6% to $1.37.
Solana dropped 0.7%, while Cardano and Polygon each slipped by about 0.5%.
Among meme tokens, Dogecoin traded mostly unchanged.
See also: "Bloomberg analyst reveals latest data: Wall Street invested half a billion dollars in this altcoin"
