Bitcoin declined on Thursday but remained above the $96,000 level following a recent rebound as investors weighed a proposed U.S. bill aimed at establishing a regulatory framework for cryptocurrencies.
The world’s largest digital asset bounced back from a weak start to the year following a sizeable purchase disclosed this week by its biggest corporate holder, Strategy. Still, it remained well below the key $100,000 mark, with broader risk appetite for crypto continuing to face headwinds.
As of 1:09 GMT, Bitcoin was trading 0.09 percent lower at $96,854, while Ether was up 2.05 percent at $3,361.14.
U.S. crypto bill in focus
Bitcoin fell after the U.S. Senate Banking Committee said on Wednesday it had delayed consideration of a proposed cryptocurrency bill, just hours after Coinbase Global CEO Brian Armstrong publicly opposed the legislation.
Senator Tim Scott said in a social media post that discussions on the bill, which had been scheduled for Thursday, were being postponed. Earlier in the day, Armstrong criticized the proposal, saying Coinbase could not back it in its current form.
He took issue with several elements of the bill, including a proposed ban on tokenized equities, restrictions on decentralized finance, reduced oversight by the CFTC, and draft amendments that he said would eliminate rewards on stablecoins.
The cryptocurrency industry has long called for a comprehensive regulatory framework to provide clarity on whether digital tokens should be classified as securities or commodities.
Cryptocurrency prices remain under pressure
Broader cryptocurrency prices trailed Bitcoin’s gains, staying under pressure as overall risk appetite remained subdued. Geopolitical tensions were elevated, with markets cautious about the possibility of further U.S. involvement in Venezuela and Iran.
Despite its rebound, Bitcoin continued to trade at a discount on U.S. platforms, particularly Coinbase, relative to global prices. This pattern, which has extended since mid-December, pointed to persistently weak retail demand.
Among major altcoins, XRP declined 2.4 percent, while BNB eased 0.5 percent. Solana was little changed, and Cardano dropped 4.6 percent.
Memecoins also saw losses, with Dogecoin down 2.7 percent and $TRUMP falling 4.1 percent.
