Bitcoin Rallies Toward $72K as Safe-Haven Demand Grows and Trump Signals Crypto Support
Bitcoin surged on Wednesday, reaching its highest level in about a month as investors moved into safe-haven assets amid ongoing tensions in the Middle East. The cryptocurrency also gained support after U.S. President Donald Trump called for stronger regulatory backing for the crypto industry.
At 10:02 ET (15:02 GMT), Bitcoin climbed about 6% to $71,867, breaking out of the relatively narrow trading range that had dominated the market in recent weeks.
Bitcoin ETF Inflows Boost Market Momentum
The latest rally was also supported by renewed demand for U.S.-listed spot Bitcoin ETFs, which have seen stronger inflows following a period of volatile trading that had previously weighed on market sentiment.
Data from SoSoValue showed that spot Bitcoin ETFs recorded roughly $225 million in net inflows on March 3, after attracting about $458 million the previous day. Notably, no ETF funds reported net outflows on March 2, indicating improving investor confidence in the digital asset market.
Trump Criticizes Banks Over Crypto Regulation Dispute
In a social media post on Tuesday evening, President Donald Trump criticized major U.S. banks, accusing them of attempting to undermine new cryptocurrency regulations.
Trump argued that banking institutions were working to weaken the GENIUS Act, legislation designed to regulate stablecoins, while also delaying the approval of the CLARITY Act, another key bill currently under review in the U.S. Senate.
According to the president, strong regulatory support is necessary to ensure the United States remains competitive in the global crypto industry.
Trump stated that banks should not attempt to block crypto legislation that could help the sector expand, warning that excessive resistance could push innovation to other countries.
A Politico report also revealed that Trump had privately met with Coinbase CEO Brian Armstrong shortly before posting his comments. Armstrong has previously expressed opposition to proposals that would prohibit stablecoin yield payments.
The GENIUS Act, passed by Congress in June 2025, introduced new rules for stablecoin issuers and prohibits companies such as Tether from directly offering yield payments to holders. However, third-party platforms like cryptocurrency exchanges can still provide yields to stablecoin investors, a feature that some banking groups argue represents a regulatory loophole.
Meanwhile, lawmakers have been debating whether to include a complete ban on stablecoin yield payments in the CLARITY Act, legislation intended to define the broader regulatory structure for digital assets. Although the bill passed the House of Representatives in July, it has yet to be approved by the Senate, partly due to disagreements over these provisions.
Kraken Gains Access to Federal Reserve Payment System
In another development for the crypto industry, Kraken’s banking division has secured access to the Federal Reserve’s payment infrastructure through a limited-purpose master account.
This makes Kraken Financial the first digital-asset bank in the United States to obtain direct access to key payment systems such as Fedwire, allowing the company to process fiat transfers more efficiently for institutional clients without relying on intermediary banks.
Kraken noted that the integration could reduce operational complexity and costs while improving transaction speed for institutional users.
Although the approval does not grant the same privileges as a full master account used by traditional banks, the move represents a major milestone for the cryptocurrency sector, highlighting the growing integration between digital assets and traditional financial systems.
The authorization is initially valid for one year, with services expected to be introduced gradually, starting with institutional transaction support on Kraken’s platform.
Altcoins Rise Alongside Bitcoin
The broader cryptocurrency market also rallied, following Bitcoin’s upward momentum.
Reports indicated that tensions involving the United States, Israel, and Iran entered their fifth consecutive day, contributing to uncertainty in global markets. Concerns about the conflict’s potential inflationary effects, particularly if it disrupts global oil supply, had previously weighed on risk assets.
However, on Wednesday, several major altcoins posted strong gains.
- Ethereum (ETH) jumped more than 7% to $2,084.29
- XRP rose about 5% to $1.41
- Solana (SOL) surged nearly 9%
- BNB and Cardano (ADA) each gained more than 4%
Among meme cryptocurrencies, Dogecoin increased 7.3%, while the $TRUMP token showed limited movement.
