Key facts
- Bitcoin remained near $64,300 as the Senate delayed a vote on the Crypto Clarity Act until September.
- XRP experienced the largest decline among major cryptocurrencies, falling over 2% on the day.
- Spot bitcoin funds attracted approximately $626 million in inflows from August 3 to August 5.
- The Crypto Clarity Act requires 60 votes to pass, and its current support level is uncertain.
- President Donald Trump disclosed over $1 billion in income from crypto ventures in 2025.
Bitcoin remained near $64,300 on Friday, showing little change on the day and remaining flat for the week, following confirmation from the Senate that a vote on the Crypto Clarity Act would not take place before their August recess. The bill, intended to define regulatory oversight for digital assets in the U.S., requires 60 votes to pass, and its current level of support is uncertain, with some Republican senators publicly opposing it and Democrats seeking stricter rules to prevent President Donald Trump from profiting from crypto while in office. Trump disclosed over $1 billion in income from his crypto ventures in 2025.
Senate Majority Leader John Thune indicated that a vote would occur in September, upon lawmakers' return on September 14, when they will face a backlog of legislation including government funding and a Russia sanctions bill. Major cryptocurrencies showed mixed performance, with XRP being the weakest, down over 2% on the day to $1.02 and 5.5% over the week. Solana fell over 1% to nearly $73, and Dogecoin slipped almost 1% to under 7 cents. Ether was flat at $1,897, down marginally over the week. BNB held at $591, up 1% for the week, while Hyperliquid's HYPE eased under 1% to nearly $56 but led the majors in gains over seven days at 1.3%.
Inflows into spot bitcoin funds totaled approximately $626 million between August 3 and August 5. These inflows helped defend support levels near $63,000 to $64,000 but were insufficient to push bitcoin through resistance between $66,000 and $66,600. Upcoming U.S. economic data, including the employment report and July inflation figures next week, could influence bitcoin's trajectory. The Federal Reserve maintained its interest rates at 3.50% to 3.75% in July, although three officials favored an increase. Stronger-than-expected job growth or persistent inflation could bolster the case for tighter monetary policy, which typically exerts downward pressure on bitcoin.