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Bitcoin rebounds to $96,000 amid U.S. crypto bill
Bitcoin rose on Thursday, extending its recent recovery as markets assessed a proposed U.S. bill aimed at establishing a regulatory framework for cryptocurrencies.
The world’s largest cryptocurrency bounced back from a sluggish start to the year after major corporate holder Strategy disclosed a sizable purchase earlier this week. However, Bitcoin remains well below the coveted $100,000 level, while risk appetite toward cryptocurrencies continues to face pressure.
Bitcoin climbed 1.4% to $96,370.1 by 05:05 GMT, marking its highest level in two months.
U.S. Senate delays crypto bill after Coinbase objections
The U.S. Senate Banking Committee said on Wednesday that it had postponed discussions on the proposed crypto bill just hours after Coinbase CEO Brian Armstrong voiced opposition to the measure.
Senator Tim Scott said on social media that debate on the bill, originally scheduled for Thursday, has now been delayed.
Earlier on Wednesday, Armstrong criticized the bill in a social media post, stating that Coinbase could not support it in its current form.
Armstrong took issue with several elements of the proposal, including a planned ban on tokenized equities, restrictions on decentralized finance (DeFi), reduced oversight by the Commodity Futures Trading Commission (CFTC), and “draft amendments that would kill stablecoin yields.”
“This version would be materially worse than the status quo. We would rather have no bill at all than a bad bill,” Armstrong said, criticizing the bipartisan proposal.
Coinbase was a major donor to pro-crypto organizations during the 2024 election cycle and is considered a key stakeholder in negotiations over the bill. The company is the largest cryptocurrency exchange in the United States.
The crypto industry has long pushed for a comprehensive regulatory framework to gain clarity on whether crypto tokens should be classified as securities or commodities.
Crypto prices today: altcoins lag as risk appetite remains weak
Broader cryptocurrency prices lagged Bitcoin’s gains, remaining under pressure as overall risk appetite stayed subdued.
Global geopolitical tensions remained elevated, with markets wary of further U.S. intervention in Venezuela and Iran.
Despite Bitcoin’s recovery, the cryptocurrency continued to trade at a discount on U.S. platforms—particularly on Coinbase—compared with global averages. This trend, observed since mid-December, indicated that retail demand remained weak.
Among altcoins, the world’s second-largest cryptocurrency Ethereum fell 0.6% to $3,312.22. XRP dropped 2.4%, while BNB lost 0.5%.
Solana was flat, while Cardano fell 4.6%.
Among meme coins, Dogecoin slipped 2.7%, while TRUMP dropped 4.1%.
See also: "Bitcoin price surges above $97,500 and is unlikely to pull back"
