Bitcoin traded sideways on Thursday after rebounding in recent sessions, as investors assessed a proposed U.S. bill aimed at establishing a clearer regulatory framework for the cryptocurrency market.
The world’s largest digital asset recovered from a weak start to the year following a sizeable purchase disclosed this week by Strategy, the largest corporate holder of bitcoin. Despite the rebound, prices remained well below the closely watched $100,000 mark, with overall risk appetite toward crypto assets still subdued.
Bitcoin slipped 0.9% to $95,579.0 by 09:47 ET (14:47 GMT), hovering near its strongest level in the past two months.
U.S. Senate delays crypto bill after Coinbase pushback
The U.S. Senate Banking Committee said on Wednesday that it had postponed discussions on the proposed crypto bill, just hours after Coinbase CEO Brian Armstrong publicly criticized the legislation.
Senator Tim Scott said in a social media post that the debate, which had been scheduled for Thursday, would be delayed.
Earlier on Wednesday, Armstrong said Coinbase could not support the bill in its current form. He objected to several provisions, including a potential ban on tokenized equities, restrictions on decentralized finance, reduced oversight by the Commodity Futures Trading Commission, and draft amendments that could eliminate rewards tied to stablecoins.
“This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill,” Armstrong said, referring to the bipartisan proposal.
Coinbase was a major donor to pro-crypto groups during the 2024 election cycle and is seen as a key stakeholder in ongoing negotiations. The company remains the largest cryptocurrency exchange in the United States.
For years, the crypto industry has called for a comprehensive regulatory framework to clarify whether digital tokens should be classified as securities or commodities.
Crypto prices today: altcoins trail as risk appetite stays weak
Broader cryptocurrency prices underperformed bitcoin, remaining under pressure as global risk sentiment stayed fragile.
Geopolitical tensions continued to weigh on markets, with investors cautious about the possibility of further U.S. involvement in Venezuela and Iran.
Despite bitcoin’s recent rebound, the asset continued to trade at a discount on U.S. platforms—particularly Coinbase—relative to global averages. This trend, which has persisted since mid-December, suggests that retail demand in the U.S. remains soft.
Among major altcoins, ether was little changed at $3,329.48. XRP slid 1.8%, while BNB was flat. Solana fell about 2%, and Cardano dropped 4.1%.
In the memecoin space, Dogecoin declined 3.7%, while $TRUMP fell 4.4%.
