Bitcoin ticked below $70,000 levels in Asian trading on Wednesday as investors tracked developments in the Middle East conflict and awaited key U.S. inflation data later in the day.
The world’s largest cryptocurrency last traded 0.5% lower at $69,583.5 by 01:55 ET (05:55 GMT).
Bitcoin rebounded from a brief slide toward the mid-$60,000 range earlier this week, as markets attempted to gauge the economic fallout from the escalating U.S.-Israeli war with Iran.
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Traders weigh mixed signals from Iran war Risk sentiment across financial markets has been closely tied to the conflict, which has disrupted energy supplies and threatened shipping through the strategic Strait of Hormuz.
Oil prices surged at the start of the week after the strait’s effective closure raised fears of a supply shock, briefly pushing crude close to $120 a barrel.
Prices later retreated after U.S. President Donald Trump said on Monday the conflict could end soon, easing some market anxiety.
Still, signs of a rapid de-escalation remain limited. Fighting between U.S. and Israeli forces and Iran has continued around the Gulf, keeping investors cautious about the outlook for global growth and inflation.
US CPI looms; lawmakers try to revive stalled Clarity Act Market participants also await the release of U.S. consumer price index data later on Wednesday, which could influence expectations for the Federal Reserve’s interest-rate path and risk appetite across assets, including cryptocurrencies.
Meanwhile, attention in Washington remained on efforts by U.S. lawmakers to revive the stalled crypto CLARITY Act, with senators reportedly exploring a compromise over rules governing yield on stablecoins, an issue that has been a major sticking point between banks and crypto firms.
The proposed legislation aims to provide clearer regulatory oversight for digital assets, which supporters say could help unlock further institutional participation in the crypto market.
Crypto price today: altcoins also subdued Most altcoins remained near the flat line on Wednesday.
World no.2 crypto Ethereum lost 1% to $2,018.44.
World no. 3 crypto XRP fell 0.6% to $1.37.
Solana eased 0.7%, while Cardano and Polygon dipped 0.5% each.
Among meme tokens, Dogecoin traded largely flat.
