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Bitcoin rose to nearly $72,000 amid a US–Iran ceasefire
Bitcoin surged on Wednesday, leading a rally in cryptocurrency markets after news of a two-week ceasefire between the United States and Iran triggered a significant rise in risk assets.
Progress toward regulatory clarity regarding yield payments on stablecoins in the United States also supported crypto markets, although the passage of a formal bill still appears distant.
Bitcoin jumped 4.7% to $71,835.6 as of 07:27 GMT.
Bitcoin rises on signals of a two-week ceasefire between the US and Iran
Bitcoin mirrored gains in stocks and gold after US President Donald Trump said he would delay an attack on Iran for two weeks and that both sides were working toward a possible ceasefire.
Iranian officials also noted that the US had accepted a 10-point framework toward a ceasefire and indicated the possibility of reopening the Strait of Hormuz.
The ceasefire was proposed by Pakistan, with Islamabad stating that both Washington and Tehran had agreed to the deal. Pakistani officials also proposed holding direct ceasefire talks in Islamabad this week.
Comments from the US and Iran on Tuesday marked their strongest signal toward a ceasefire as the Middle East conflict entered its sixth consecutive week.
Risk markets rose on the prospect of ending the war, with Wall Street futures jumping more than 3% during Asian trading.
FDIC proposes regulating stablecoin issuers amid Clarity Act debate
The US Federal Deposit Insurance Corporation (FDIC) this week officially proposed its approach to stablecoin issuers, which would include regulating major issuers as outlined in the GENIUS Act.
Stablecoin issuers would not have the same deposit insurance as traditional bank accounts under FDIC, the proposal stated.
The FDIC proposal is the latest step by US policymakers toward establishing a clear regulatory framework for stablecoins and yield payments on this asset class. The Clarity Act, which would establish this framework, is still being debated in Congress after months of delays.
The main point of contention remains the treatment of stablecoin yields, with major banks arguing that stablecoin issuers should be subject to the same strict regulatory requirements as traditional bank accounts.
However, crypto industry advocates have largely rejected this idea.
Crypto prices today: altcoins follow Bitcoin’s gains
The broader crypto market followed Bitcoin’s rise, with the second-largest cryptocurrency Ethereum rising 6.9% to $2,250.15.
XRP, Solana, and Cardano gained between 5% and 8%, while BNB added 2.8%.
Among meme coins, Dogecoin rose 4.3%, while $TRUMP jumped 6.6%.
See also: "Institutional investor interest in spot crypto ETFs has surged"
