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Bitcoin price today: stuck at $95,000 amid U.S. crypto bill delay
Bitcoin fell during Asian trading on Friday, trimming recent gains after U.S. lawmakers delayed consideration of a closely watched bill aimed at establishing a regulatory framework for digital assets.
The world’s largest cryptocurrency climbed to $96,000 earlier this week, but the rebound proved short-lived as sentiment across crypto markets remained largely subdued.
Bitcoin slipped 0.5% to $95,808.5 by 05:06 GMT. Still, the leading cryptocurrency is up 5.9% for the week after a sluggish start to the year.
U.S. delays crypto bill after Coinbase objections
U.S. lawmakers earlier this week postponed a key discussion on the planned crypto regulatory framework after Coinbase (NASDAQ: COIN) opposed the bill in its current form.
Coinbase CEO Brian Armstrong criticized the bill’s treatment of stablecoins, particularly provisions that limit crypto companies’ ability to offer yields or rewards on customers’ stablecoin holdings.
Optimism surrounding the bill helped lift Bitcoin earlier this week as markets welcomed the prospect of regulatory clarity. However, crypto advocates expressed dissatisfaction with the bill’s stablecoin-related provisions.
Coinbase was a major donor during the 2024 election cycle. The largest U.S. crypto exchange is seen as wielding significant influence over crypto-related legislation.
Bitcoin heads for weekly gains after a weak start to the year
Bitcoin is up 5.9% for the week, also benefiting from bargain buying following a soft start to the year.
Much of this week’s gains came after the largest corporate holder, Strategy, disclosed a Bitcoin purchase worth more than $1 billion, fueling hopes of improved corporate demand.
However, retail demand remained under pressure as overall crypto market sentiment stayed fragile. Bitcoin continued to trade at a discount on Coinbase versus global averages, signaling weak retail sentiment in the U.S., the world’s largest crypto market.
Crypto prices today: altcoins subdued but post weekly gains
Altcoins largely tracked Bitcoin on Friday, though they recorded some weekly gains on bargain buying and hopes for regulatory clarity in the United States.
The world’s second-largest cryptocurrency Ethereum fell 0.4% but rose 7.1% over the week.
XRP dropped 1.2% and was down 1% for the week, while Solana fell 1% and gained 5.2% for the week.
BNB edged lower on Friday but rose 2% for the week, while Cardano fell 2.2% and was set for a modest weekly gain.
Among meme coins, Dogecoin and TRUMP each dropped 2.2%.
See also: "Bitcoin rebounds to $96,000 amid U.S. crypto bill"
