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Bitcoin Stabilizes at $68K as Trump Backs Crypto
Bitcoin stabilized on Wednesday, receiving moderate support after U.S. President Donald Trump called for improved regulation of the cryptocurrency industry.
However, ongoing concerns about the conflict between the U.S. and Iran and its inflationary consequences continued to pressure crypto prices, offsetting a brief sector rebound.
Bitcoin was unchanged at $68,147.8 as of 06:30 GMT. The world’s largest cryptocurrency had recovered to $69,000 earlier this week before trimming its gains.
Trump Criticizes Banks Over Stablecoin Law and CLARITY Bill
In a social media post Tuesday evening, Trump criticized major U.S. banks for attempting to undermine the GENIUS Act — which regulates stablecoins — by blocking the passage of another key regulatory bill, the CLARITY Act, in the U.S. Senate.
“Banks are making record profits, and we will not allow them to undermine our powerful crypto agenda, which will ultimately go to China and other countries if we don’t get CLARITY done,” Trump said.
“Banks should not be trying to undermine the GENIUS Act or hold the CLARITY Act hostage. They need to make a good deal with the crypto industry,” he added.
According to Politico, Trump held a private meeting with Coinbase Global Inc (NASDAQ: COIN) CEO Brian Armstrong shortly before publishing his post. Armstrong has largely opposed a ban on stablecoin yield payments.
The GENIUS Act was passed by Congress in June 2025 to regulate stablecoins, prohibiting issuers such as Tether from directly paying yield to holders.
However, third-party platforms such as crypto exchanges can still offer yield to stablecoin holders — a feature criticized by major banking groups as a loophole.
Banking groups have sought to include a complete ban on stablecoin yield payments in the separate CLARITY Act, which aims to establish a comprehensive cryptocurrency market structure.
The bill passed the House in July but has yet to be approved by the Senate. Disputes over yield bans have been the primary cause of the delay, with major banks arguing that stablecoin yields should be regulated similarly to bank interest payments.
Crypto Prices Today: Altcoins Trade Mixed Amid Iran Tensions
The broader crypto market traded in a narrow range on Wednesday. Despite some optimism around U.S. regulation, risk appetite remained largely subdued by ongoing geopolitical unrest in the Middle East.
Reports indicated that the conflict between the U.S., Israel, and Iran entered its fifth consecutive day, with hostilities against Tehran largely continuing.
Concerns over inflationary consequences — particularly potential disruptions to global oil supply — weighed heavily on markets amid growing fears that persistent inflation could prompt tighter policy from major central banks.
This supported overall risk aversion, with crypto prices showing limited strength.
Ether, the world’s second-largest cryptocurrency, fell 1% to $1,979.99, while XRP declined 0.2% to $1.3594.
Solana and BNB were little changed, while Cardano lagged with a 3% drop.
Among meme tokens, Dogecoin fell 2.6%, while $TRUMP lost 3.4%.
See also: "Large Investors Concentrate 83.7% of XRP Supply Amid Profit-Taking"
