Digital Asset Market Clarity Act advances toward Senate vote, triggering brief crypto rally with BTC to $67K and Coinbase up 13% intraday.
Regulation & Gov ·
The Digital Asset Market Clarity Act (H.R. 3633) moved closer to a Senate floor vote, with Treasury Secretary Bessent describing it as at the "1-yard line." This development coincided with Bitcoin climbing toward $67,000 and Coinbase shares rising as much as 13% intraday on July 21, alongside gains in the S&P 500 and Nasdaq.
The bill's advancement sparked optimism among market participants that passage before the August recess could facilitate institutional adoption of crypto assets within the United States. However, the rally proved short-lived as macro headwinds reasserted themselves. Bitcoin subsequently fell below $65,000 as geopolitical tensions between the US and Iran escalated, pushing oil prices above $100 per barrel and driving US bond yields to 18-month highs. Federal Reserve rate-hike odds rose sharply to near 40%, a traditional headwind for crypto assets.
The extent to which legislative progress will sustain market momentum remains unclear, as near-term Bitcoin price direction depends on whether support holds at technical levels and how macroeconomic conditions evolve ahead of the Fed's next policy decision.