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Bitcoin falls below $70K amid Iran war uncertainty and US regulation concerns
Bitcoin declined on Thursday, giving back part of this week’s gains as mixed signals around ceasefire talks in the US-Israel conflict with Iran weighed on risk sentiment.
Uncertainty surrounding the US crypto regulation bill, the Clarity Act, also pressured markets following reports of mixed industry reactions to its latest draft.
Bitcoin fell 1.5% to $69,920.9 as of 06:26 GMT, after earlier reaching $71,419.0 during the session.
The drop mirrored broader weakness in risk assets: Asian stocks and Wall Street futures declined, while oil prices rebounded, raising concerns over an energy shock linked to the Iran conflict.
Iran rules out direct talks with the US
Crypto and broader risk markets had risen on Wednesday after reports that the US presented Iran with a 15-point ceasefire proposal.
However, gains faded after Iran initially rejected the offer and introduced its own five-point plan.
Later, Iranian state media said the country was reviewing the US proposal but largely ruled out direct negotiations with Washington.
These conflicting signals left markets uncertain about the conflict’s trajectory, reducing appetite for speculative assets such as cryptocurrencies. Although Bitcoin has outperformed gold since the conflict began, it remains down for 2026.
Mixed industry reaction to the Clarity Act
Crypto industry participants have shown mixed reactions to the latest draft of the Clarity Act, according to Coindesk.
Coinbase Global Inc reportedly expressed dissatisfaction with the proposal, citing sources familiar with the matter.
A key point of contention is yield payments on stablecoin deposits. While banks advocate stricter controls or outright bans due to systemic risks, crypto proponents argue such restrictions would hurt US competitiveness.
This disagreement has become a major obstacle to advancing the bill in Congress.
Crypto market today: altcoins decline alongside Bitcoin
The broader crypto market mostly declined on Thursday in line with Bitcoin.
Ethereum fell 2% to $2,120.41, while XRP dropped 2.5% to $1.3844.
Solana and Cardano declined by 3% and 2.8% respectively, while BNB lost 1.4%.
Among meme coins, Dogecoin fell 4.3%, and TRUMP dropped 5.9%.
See also: "Bitcoin ETFs attract $2.5B as gold funds see outflows — “roles are reversing”"
