Key facts
- Bitcoin's price rose above $65,000, with a weekly gain of 3.7%.
- Other cryptocurrencies like Ether, BNB, Solana, and TRON also experienced weekly gains.
- The U.S. Senate postponed a vote on the CLARITY Act until after its August recess.
- The CLARITY Act's vote is now expected no earlier than September 14.
- Market sentiment suggests the delay was anticipated and already factored into prices.
- Inflows into spot Bitcoin ETFs and a weaker dollar are supporting the market.
Bitcoin's price hovered around $65,200 on Monday, reflecting a 3.7% increase for the week, according to CoinDesk data. This marks a recovery from an early August low near $62,000, with the broader market showing similar strength. Ether traded near $1,925, and other cryptocurrencies such as BNB, Solana, and TRON also posted weekly gains.
The market's resilience persisted despite the U.S. Senate's inability to pass the CLARITY Act before commencing its August recess on Friday. The bill garnered only 51 of the required 60 votes, pushing any potential action to September 14 at the earliest. Market strategists interpreted this delay as already priced in, thus the outcome was seen as confirmation rather than a negative surprise.
The current buying pressure is attributed to market flows rather than headline news. Spot Bitcoin ETFs have recorded consecutive days of inflows, and a weakening U.S. dollar, following a less robust U.S. jobs report, has created a more favorable macroeconomic backdrop for Bitcoin after a subdued summer.
Adding to the positive sentiment, Michael Saylor shared a chart illustrating Bitcoin's buying strategy over the weekend. This occurred days after his firm, MicroStrategy, disclosed the sale of approximately 1,638 BTC to fund share buybacks, a move interpreted by the market as a potential precursor to further Bitcoin acquisitions.