Investing.com– slightly pulled back on Wednesday after surging above $74,000 in the previous session on improving global risk sentiment and hopes for renewed U.S.-Iran diplomacy lent support.
The world’s largest cryptocurrency last traded 2% lower at $73,961 by 02:48 ET (06:48 GMT).
Bitcoin briefly touched highs near $76,000 in the prior 24 hours, before momentum slowed amid profit-taking.
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Bitcoin tracks global stock market rally
The recent rally in Bitcoin mirrored gains in global equity markets. Wall Street closed strongly overnight, with the finishing just shy of record highs and the posting a sharp advance, while Asian stocks extended gains on Wednesday.
Investors were encouraged by signs of easing geopolitical tensions after U.S. President Donald Trump signaled that talks with Iran could resume, raising hopes for a potential de-escalation in the Middle East conflict.
This came even as tensions remained elevated. The U.S. has begun a naval blockade of ships leaving Iranian ports, while Tehran has threatened retaliation against ports in neighboring Gulf states after weekend talks collapsed.
A softer U.S. inflation backdrop also lent support as producer price data came in below expectations, reinforcing bets that pipeline price pressures are moderating and easing concerns that interest rates will need to remain restrictive for longer.
Market reports pointed to continued accumulation by large investors, with on-chain indicators suggesting steady inflows into major wallets.
The cryptocurrency has increasingly traded in tandem with equities in recent sessions, highlighting its sensitivity to macroeconomic and geopolitical developments.
Any deterioration in U.S.-Iran negotiations or a renewed spike in oil prices could dampen risk appetite and weigh on crypto markets.
UK regulator seeks industry feedback on crypto rules
Britain’s Financial Conduct Authority (FCA) launched a consultation Wednesday on how planned cryptocurrency regulations, set to take effect by October 2027, would affect firms operating in the sector.
The regulator is seeking feedback on a range of proposed rules covering activities such as running crypto trading platforms, dealing in digital assets, staking, and custody services.
Crypto price today: altcoins dip; slips 4%
Most altcoins retreated slightly on Wednesday after sharp gains in the previous session.
World no.2 crypto lost around 3% to $2,323.
World no. 3 crypto shed 2% to $1.3646.
Solana slid 4.5% and fell 3%, while Polygon traded flat.
Among meme tokens, dipped about 4%.
(Ayushman Ojha contributed to this report.)