Bitcoin climbs above $71,000 on US regulation hopes despite Iran concerns

Bitcoin rose on Friday, extending its recent gains and recording its highest level in a week, supported by hopes for more supportive regulation of the cryptocurrency sector in the United States, which helped markets move past ongoing concerns about the war between the United States, Israel, and Iran.

The world’s largest cryptocurrency rose about 3% to $71,529.7 as of 01:49 Eastern Time (05:49 GMT) and is heading for weekly gains, while the recent pause in rising oil prices helped provide some support to markets.

Bitcoin is expected to record weekly gains of about 6.5%, outperforming most high-risk assets despite pressure stemming from the war with Iran.

Gains in cryptocurrencies came mainly after the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission announced on Wednesday that they would cooperate to establish a more comprehensive regulatory framework for US markets.

Under the agreement, the two agencies indicated they would work together to present a federal policy that includes an “appropriate regulatory framework for crypto assets and emerging technologies.” The initiative is called the “Joint Coordination Initiative” and aims to establish formal protocols for data sharing, streamline reporting requirements, and end separate regulatory procedures related to cryptocurrencies between the two agencies.

Although the agreement is not legally binding, it has boosted optimism about the possibility of establishing a clearer regulatory framework for the digital asset sector. This aligns with US President Donald Trump’s pledges to provide greater regulatory clarity for the industry after appointing crypto-friendly leadership at both agencies.

War concerns weigh on risk appetite

Despite the rise, Bitcoin’s gains still appear fragile, especially after the currency experienced sharp volatility following a series of sudden market collapses in late 2025.

Risk appetite in global markets also remained weak, with stock markets facing heavy selling pressure due to investor concerns about the consequences of the war between the United States, Israel, and Iran.

The inflationary impact of the war is one of the main concerns, as continued disruptions in oil markets could push crude prices higher, supporting a rise in global inflation. This could prompt major central banks to adopt tighter monetary policies, a scenario that typically does not favor cryptocurrencies and speculative assets.

Altcoins rise alongside Bitcoin

Other cryptocurrencies also rose alongside Bitcoin. Ethereum, the world’s second-largest cryptocurrency, climbed 3.9% to $2,109.48, while Ripple rose about 3.6% to $1.4218.