Quick overview

---

The U.S. president called for the swift approval of a series of bills aimed at regulating the digital asset market.

The cryptocurrency market is posting strong gains at the start of the session, buoyed by renewed support from Donald Trump. In that context, Bitcoin (BTC) jumped 6.6% to $72,800, according to Binance.

The broader market is moving in tandem. Ethereum (ETH) is up 7.5% to $2,126, with major altcoins also trading firmly higher.

Caution lingers amid Middle East tensions

Late Tuesday, Trump criticized major U.S. banks on social media, accusing them of attempting to undermine the proposed GENIUS Act — legislation designed to regulate stablecoins — by delaying another key regulatory bill, the CLARITY Act, in the U.S. Senate.

“Banks are making record profits, and we will not let them undermine our powerful Crypto Agenda, which will end up going to China and other countries if we don’t act on the Clarity Act,” Trump wrote. “Banks should not be trying to weaken the GENIUS Act or hold the Clarity Act hostage. They need to make a fair deal with the Crypto industry.”

The CLARITY Act was approved by the House of Representatives in July but still requires Senate approval.

Bitcoin had previously plunged following the coordinated U.S.-Israeli strike on Iran that killed Supreme Leader Ayatollah Ali Khamenei. It later recovered its weekend losses amid heightened volatility, which wiped out roughly 157,000 leveraged traders and triggered about $657 million in liquidations across long and short positions.

Traditional markets rebound

Meanwhile, European equities also staged a recovery. The STOXX Europe 600 rose 1.4%, while Germany’s DAX gained 1.7%. Investors reacted to reports of possible contacts between Iran and the United States aimed at de-escalating the conflict, while Spain’s stock market shrugged off Trump’s trade threats.

The pan-European STOXX 600 closed 1.4% higher after having fallen more than 4% from its record high reached on Friday. The DAX’s advance marked its strongest daily gain since May, reflecting a temporary easing of investor concerns over a prolonged Middle East conflict.