CoinDesk: BTC rally driven by US crypto bill hopes, Iran de-escalation talk

Bitcoin's rebound today reflects the rising probability of the CLARITY Act's passage in the U.S. and growing expectations for an early end to the war with Iran, CoinDesk reported. The outlet explained that Bitcoin had already entered oversold territory, having fallen nearly 50% from its high last year. Consequently, it performed well compared to other assets amid heightened Middle East risks following U.S. and Israeli airstrikes on Iran. This resilience has renewed investor interest and could be a factor in drawing institutional investors back to spot ETFs. CoinDesk also noted that Bitcoin could benefit from a potential decline in fiat currency values as the war worsens global government finances. Hopes for a swift resolution to the conflict were fueled by reports that Iran's intelligence ministry contacted the U.S. CIA to discuss ending the war. The increasing likelihood of the CLARITY Act, a bill aimed at creating a market structure for cryptocurrencies and legalizing stablecoins, is also acting as a positive catalyst for Bitcoin.