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Bitcoin upbeat at $72k, leads broader crypto rally as risk appetite improves
Bitcoin steadied on Thursday after a mix of regulatory optimism and improving sentiment drove strong gains in the world’s largest cryptocurrency, although risks from the Iran conflict still persisted.
Bitcoin rose over 5% to $72,366.1 by 06:28 GMT, after rising to a one-month high of $73,243 on Wednesday.
Bitcoin trimmed some gains after U.S. stock index futures turned negative on Thursday morning, as continued hostilities between U.S., Israel, and Iran kept markets on edge.
A spike in oil prices further stoked concerns over the inflationary impact of the conflict.
Bitcoin rallies on Wall St support, Trump comments
Bitcoin rose sharply on Wednesday, extending gains from earlier this week as a positive session on Wall Street buoyed risk appetite. A measure of bargain buying also aided Bitcoin, after it logged deep losses in February.
Crypto markets were supported by U.S. President Donald Trump calling for the swift passage of a long-delayed crypto market framework bill, while also criticizing major U.S. bank groups over their opposition of yield payments on stablecoins.
Trump’s comments drove up some hopes that crypto will gain more regulatory favor in the U.S., although there appeared to be little immediate progress towards the passage of the CLARITY act, which aims to establish a market structure for the industry.
Overnight gains on Wall Street factored in Bitcoin, as reports of Iran seeking dialogue with Washington helped spur some hopes that the conflict will end soon.
But Iran denied said reports and launched a wave of missiles at Israel early-Thursday, keeping risk appetite in check.
Ray Dalio says Bitcoin is no gold
Billionaire hedge fund manager Ray Dalio renewed his criticism of Bitcoin earlier this week, stating that the crypto should not be compared to gold because it has no central bank backing, offers no privacy, and is highly vulnerable to advancements in quantum computing.
"A lot of attention has been given to Bitcoin, but as a money, it’s small in relationship to gold... there is only one gold," Dalio said.
Speaking on a podcast, the Bridgewater Associates founder questioned Bitcoin’s performance as a safe haven, while also raising concerns over potential privacy leaks.
Dalio has persistently criticized Bitcoin. But he also said in 2025 that he holds a 1% allocation to the crypto in his portfolio, and recommended a 15% allocation to Bitcoin or gold amid heightened concerns over a U.S. debt crisis.
Crypto price today: altcoins track Bitcoin gains, recoup Feb losses
Broader crypto prices rose on Thursday, tracking a jump in Bitcoin as the market recouped some of its losses from the prior month.
World no.2 crypto Ether rose 7.5% to $2,128.35, while XRP rose 4.7% to $1.4238.
Solana, Cardano, and BNB rose between 3% and 7%.
Among memecoins, Dogecoin surged 8%, while $TRUMP added 2.2%.
See also: "Ethereum Cryptocurrency Gains 10% in Bullish Rally"
