Bitcoin (COIN:BTCUSD) held firm on Thursday after a combination of regulatory optimism and improving market sentiment fueled a strong rebound in the world’s largest cryptocurrency, although risks linked to the Iran conflict continued to linger.
Bitcoin climbed more than 5% to $72,366.1 by 01:28 ET, after touching a one-month peak of $73,243 on Wednesday.
The cryptocurrency pared part of its gains after U.S. stock index futures slipped into negative territory early Thursday, as ongoing tensions between the United States, Israel and Iran kept investors cautious.
A sharp rise in oil prices also added to concerns about the inflationary fallout from the conflict.
Bitcoin rallies on Wall St support, Trump comments
Bitcoin surged on Wednesday, building on earlier gains this week as a positive trading session on Wall Street boosted appetite for risk assets. Bargain hunting also supported the rally after the cryptocurrency suffered steep losses in February.
The broader crypto market received a boost after U.S. President Donald Trump urged lawmakers to quickly approve a long-awaited bill establishing a regulatory framework for the crypto market, while criticizing major U.S. banking groups for opposing yield payments on stablecoins.
Trump’s remarks raised expectations that the cryptocurrency sector could see a more supportive regulatory environment in the United States. However, there was little immediate progress toward passing the CLARITY Act, legislation designed to create a clearer market structure for the industry.
Bitcoin also benefited from overnight gains on Wall Street, as reports suggesting Iran had sought dialogue with Washington encouraged hopes that the conflict might ease soon.
But Tehran denied those reports and launched a fresh wave of missiles toward Israel early Thursday, limiting the improvement in risk appetite.
Ray Dalio says Bitcoin is no gold
Billionaire hedge fund manager Ray Dalio renewed his criticism of Bitcoin earlier this week, arguing that the cryptocurrency should not be compared with gold because it lacks central bank backing, does not provide privacy and remains vulnerable to advances in quantum computing.
“A lot of attention has been given to Bitcoin, but as a money, it’s small in relationship to gold… there is only one gold,” Dalio said.
Speaking during a podcast interview, the founder of Bridgewater Associates questioned Bitcoin’s effectiveness as a safe-haven asset and also highlighted concerns over potential privacy risks.
Dalio has long been a vocal critic of Bitcoin. However, he revealed in 2025 that he holds about a 1% allocation to the cryptocurrency in his portfolio and suggested investors consider allocating around 15% to either Bitcoin or gold amid rising worries about a U.S. debt crisis.
Crypto price today: altcoins track Bitcoin gains, recoup Feb losses
Other cryptocurrencies also moved higher on Thursday, following Bitcoin’s rally as the broader market recovered part of the losses recorded last month.
The second-largest cryptocurrency, Ethereum, gained 7.5% to $2,128.35, while XRP advanced 4.7% to $1.4238.
Solana, Cardano and BNB rose between 3% and 7%.
Among meme coins, Dogecoin surged 8%, while Official Trump added 2.2%.