Bitcoin Stalls Near $79k as Markets Seek Cues on US Regulations and Middle East Conflict

Bitcoin's price steadied near $79,000 on Thursday as market participants awaited cues on U.S. regulations and the Middle East conflict. The world's largest cryptocurrency fell by 0.3% to $78,676.2 by 02:25 ET (06:25 GMT), after rising as far as $82,000 earlier in the week.

The price movement was influenced by the 'debasement trade', where investors seek alternative assets due to U.S. Treasury intervention in bond markets. However, this rally may be limited by higher interest rates, which could reduce the appeal of cryptocurrencies.

Additionally, the focus on U.S. regulations has intensified following President Donald Trump's call for more oversight. The Securities and Exchange Commission is reportedly working on introducing regulation on crypto custody services, while the Clarity Act, intended to establish a broader framework for cryptocurrency, remains stalled in Congress.