Bitcoin slipped during Asian trading on Friday, giving back part of its recent gains after U.S. lawmakers postponed progress on a closely watched bill aimed at creating a clearer regulatory framework for digital assets.
The world’s largest cryptocurrency had climbed to nearly $96,000 earlier in the week, but the rally proved short-lived as overall sentiment across crypto markets remained cautious. Bitcoin was down about 0.5% at $95,808.5 by 01:06 ET (06:06 GMT), although it was still up 5.9% for the week following a subdued start to the year.
U.S. delays crypto bill after Coinbase opposition
Earlier this week, U.S. lawmakers delayed discussions on a proposed crypto regulation bill after opposition from Coinbase. The exchange argued that the current draft places restrictive limits on stablecoins.
Coinbase CEO Brian Armstrong criticized provisions that would curb the ability of crypto firms to offer yields or rewards on customers’ stablecoin holdings. While optimism around regulatory clarity had helped lift Bitcoin earlier in the week, concerns over the bill’s stablecoin rules tempered enthusiasm among crypto investors.
Coinbase, a major political donor during the 2024 election cycle, is widely seen as having significant influence over crypto-related policymaking in the United States.
Bitcoin heads for weekly gain despite cautious sentiment
Despite Friday’s pullback, Bitcoin remained on course for a solid weekly advance, supported in part by bargain buying after a quiet start to the year. A significant portion of the week’s gains followed a disclosure from Strategy, which revealed a purchase of more than $1 billion worth of Bitcoin, boosting hopes of renewed corporate demand.
However, retail interest continued to lag. Bitcoin was trading at a discount on Coinbase compared with global averages, signaling weaker sentiment among U.S. retail investors, the largest crypto market worldwide.
Altcoins lag but post weekly gains
Altcoins largely moved in line with Bitcoin on Friday, showing limited momentum but holding on to weekly gains driven by bargain hunting and expectations of clearer U.S. regulation.
Ethereum slipped 0.4% on the day but was still up 7.1% for the week. XRP fell 1.2% and was down about 1% on the week, while Solana eased 1% but remained up 5.2%.
BNB edged slightly lower on Friday but posted a 2% weekly gain. Cardano dropped 2.2% and was on track for a modest weekly increase. Among memecoins, Dogecoin and $TRUMP both fell around 2.2%.
