Bitcoin Shrugs Off Iran Fears as ETFs Snap Losing Streak and MiCA Shutters AscendEX

Bitcoin staged a sharp recovery on Wednesday, July 9, erasing most of its geopolitical-driven losses after news broke that Iran signaled willingness to negotiate with Washington. Markets sold off initially as traders dumped risk assets, oil jumped, and stocks moved lower, yet buyers stepped in almost immediately and refused to let bears gain momentum. By mid-morning, Bitcoin had climbed back above $63,000 and the broader crypto market stabilized.

Ethereum followed a similarly cautious path, holding key support without matching Bitcoin's rebound. A weekly death cross has formed on ETH's chart, keeping bears engaged after months of weakness, and momentum indicators remain soft. Bitcoin dominance rose to 56.6% of the $2.21 trillion global crypto market, suggesting capital continues to shelter in the largest digital asset rather than rotate into altcoins.

ETF Flows Turn Positive as SEC Readies Sweeping Crypto Overhaul

On the institutional front, U.S. spot Bitcoin ETFs snapped a 10-day outflow streak, pulling in $221.7 million, their largest single-day haul in two months. The turnaround follows a dismal June that was the worst month on record for these products, and Wednesday saw an additional $265 million in ETF purchases, with over $200 million coming from BlackRock's IBIT alone. Separately, the SEC is preparing to release its long-anticipated Regulation Crypto agenda as soon as this month, a proposal aimed at clarifying digital asset rules and including new registration exemptions that could allow crypto startups to bypass the full securities registration process for up to four years.

Also making headlines, crypto exchange AscendEX confirmed it ceased operations as of July 1, citing both financial difficulties and the enforcement of the European Union's MiCA regulation that took effect the same day. The platform warned that users may not be able to recover the full amount of their crypto assets held on the exchange. The shutdown is one of the most visible casualties yet of MiCA's sweeping new authorization requirements for exchanges operating in Europe, and it follows earlier warnings from on-chain researcher ZachXBT about the platform's mounting operational troubles.