Crypto Strengthens, US Regulation Lifts Sentiment
Bitcoin strengthened on Friday (March 13th) and remained above the psychological level of US$70,000, supported by optimism regarding the direction of crypto regulation in the United States. In the latest price update, Bitcoin (BTC) was trading at US$71,255, up around 1.24% from the previous close. This level confirms the recovery in sentiment after the market was previously pressured by surging energy prices and concerns about a US-Israel war with Iran.
The main source of sentiment remained the announcement by the SEC and CFTC that they would collaborate to develop a more comprehensive regulatory framework for the US market through the Joint Harmonization Initiative. Although the agreement is non-binding, the market interpreted it as a step toward the regulatory certainty long awaited by the industry, and in line with the Trump administration's push for greater clarity for the digital asset sector.
However, Bitcoin's recovery remains fragile. The conflict in Iran remains a source of pressure for risk assets, potentially maintaining high energy prices and amplifying global inflation risks. This scenario could encourage major central banks to maintain a hawkish stance for longer, which is typically less conducive to speculative assets like crypto.
On the macro front, the market is still digesting US inflation data, which indicates that price pressures have not yet fully subsided. Therefore, expectations regarding the Fed's cautious stance remain a key factor in determining whether the crypto rally can continue or be further restrained by the strengthening dollar and yields.
Bitcoin's gains were also followed by major altcoins. Ethereum (ETH) rose to US$2,104.52 (+1.83%), XRP to US$1.40 (+1.45%), BNB to US$657.25 (+1.03%), Cardano (ADA) to US$0.267472 (+1.70%), Solana (SOL) to US$88.73 (+2.33%), and Dogecoin (DOGE) to US$0.096107 (+1.72%). However, like Bitcoin, most altcoins are still in a fragile recovery phase after experiencing significant pressure in recent months.
Source: Newsmaker.id
