Bitcoin Strengthens, Trump Pushes "Crypto Agenda"
Bitcoin rallied again on Wednesday (March 4), receiving limited support from US President Donald Trump's statement pushing for better regulatory support for the crypto asset industry. However, concerns about the US-Iran conflict and its potential impact on inflation mean the crypto rally remains fragile.
At 4:04 a.m. ET, Bitcoin was up about 4% to US$71,224. This gain came after the market had initially moved cautiously amid rising geopolitical uncertainty and volatility in risk assets.
Trump, in a social media post on Tuesday night, criticized major US banks, which he said were attempting to undermine the GENIUS Act—a stablecoin regulation—by holding up the passage of the CLARITY Act in the Senate. Trump argued that regulatory support is necessary to prevent the US crypto agenda from "migrating" to other countries if the legislative process stalls, and he also encouraged banks to make deals with the crypto industry.
From a macro perspective, the market remains clouded by inflation risks if the conflict leads to disruptions in global oil supplies. Stickier inflation has the potential to maintain tighter monetary policy expectations, which typically pressure risk assets through real interest rates and liquidity conditions.
Other major coins also rallied, but their movements were uneven. Ether rose 4% to US$2,062.77, while XRP edged up to US$1.3594. Solana and BNB rose more than 2%, while Cardano rose around 3.4%. In the meme token segment, Dogecoin weakened 2.6%, and $TRUMP fell 3.4%.
Market participants will monitor developments in the US-Israel-Iran conflict, oil price dynamics that influence inflation expectations, and the direction of crypto regulatory discussions in the US—particularly the continuation of the GENIUS Act and the CLARITY Act—as they determine future sentiment.
Source: Newsmaker.id
