Bitcoin (COIN:BTCUSD) advanced on Friday, extending its recent rebound and reaching its highest level in about a week, as optimism over potential pro-crypto regulation in the United States helped counter lingering market unease linked to the U.S.-Israel conflict with Iran.
The world’s largest cryptocurrency was also on track to finish the week in positive territory, aided in part by a pause in the recent surge in oil prices.
By 01:49 ET (05:49 GMT), Bitcoin had risen nearly 3% to $71,529.7.
Bitcoin set for weekly rise on regulatory optimism
Bitcoin was poised to gain roughly 6.5% for the week, outperforming broader risk-sensitive assets despite uncertainty tied to the Iran conflict.
The latest upswing in the crypto market followed an announcement on Wednesday that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would cooperate on developing a clearer regulatory structure for digital assets in the United States.
According to the agreement, the two agencies plan to coordinate on establishing a federal approach designed to deliver a “fit-for-purpose regulatory framework for crypto assets and other emerging technologies.”
The initiative, referred to as the “Joint Harmonization Initiative,” aims to introduce formal mechanisms for data sharing, simplify reporting standards and prevent separate enforcement actions by the SEC and CFTC against crypto companies.
While the agreement itself is not binding, the move has fueled expectations that a more unified regulatory environment for cryptocurrencies could emerge.
The announcement also aligns with U.S. President Donald Trump’s broader pledge to provide clearer oversight of the crypto sector, after appointing leadership at both the SEC and CFTC viewed as supportive of digital assets.
Iran conflict keeps risk sentiment fragile
Despite the rebound, Bitcoin’s recovery remains uncertain after experiencing sharp volatility following several flash crashes in late 2025.
Investor appetite for risk has also remained subdued as global equity markets face heavy selling amid concerns about the economic fallout from the U.S.-Israel conflict with Iran.
The inflationary impact of the conflict remains a key worry. Prolonged disruption to oil supplies could push crude prices higher and reinforce global inflation pressures. In turn, this could prompt major central banks to adopt a more hawkish stance on interest rates — a scenario that tends to weigh on cryptocurrencies and other speculative assets.
Altcoins track Bitcoin higher
Other major cryptocurrencies also moved higher on Friday, broadly following Bitcoin’s gains.
The second-largest digital asset, Ether, climbed 3.9% to $2,109.48, while XRP added 3.6% to $1.4218.
BNB, Cardano, and Solana posted gains ranging between 2.4% and 5.5%.
Among meme tokens, DOGE rose 4.8%, while $TRUMP jumped 13.7%.
Even with the latest rebound, most altcoins — like Bitcoin — remain significantly below their levels from earlier in the year, highlighting ongoing caution among investors toward the cryptocurrency market.
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