Bitcoin Breaks $71,000 to Reach Nearly One-Month High as Crypto Market Recovers Across the Board

TradingKey - During the pre-market session on Wednesday, March 4, cryptocurrencies rose collectively, with Bitcoin touching a high of $71,882.8, up over 6% to reach its highest level since early February; Ethereum broke above $2,000, rising more than 6%, as both recovered losses since the outbreak of the U.S.-Iran conflict.

Driven by this, the U.S. crypto sector moved higher in pre-market: Stragety (MSTR) rose nearly 8% at one point in pre-market, Circle (CRCL) gained more than 5%, Coinbase (COIN) rose over 6%, Robinhood (HOOD) climbed more than 4%.

On the news front, Trump stated that the GENIUS Act, the first U.S. regulatory framework for stablecoin issuance, is being threatened and weakened by the banking industry, and he will urge Congress to expedite the crypto market structure bill.

U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig called for the swift passage of the CLARITY Act, stating that the CFTC is prepared to implement the bill during the Trump administration. Selig also noted that U.S. perpetual futures linked to cryptocurrencies are set to launch soon.

The chief market analyst at FxPro stated that given the brutal sell-off in stocks and gold the previous day, some traders are viewing cryptocurrencies as a safe haven. On Wednesday, South Korean stocks plummeted for a second consecutive day, U.S. index futures fell across the board, and gold briefly dropped below the key $5,000 level on Tuesday.