Bitcoin Tops $66K as Trump Backs Clarity Act Ethics Provision
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- Bitcoin broke above $66,000, gaining 3.5% in 24 hours to its highest level since June 17, driven by reports that the Clarity Act's final sticking point — a key ethics provision — had cleared
- President Trump agreed to the crucial ethics provision for the crypto market structure bill, with the specific language shared with a group of Senate Republicans, according to Crypto in America host Eleanor Terrett
- Ether, BNB and XRP posted even larger gains than bitcoin, while the CoinDesk DeFi Select Index surged 9%, pointing to a broad-based altcoin rally
- Asian semiconductor stocks rebounded sharply from last week's selloff that had dragged crypto lower, fueling a broad risk-on rally across asset classes
- Bitcoin futures open interest jumped to 770,000 from under 750,000 a day earlier, with a positive OI-adjusted CVD indicating bulls are leading the price action through aggressive market orders
- Solana's tokenized asset volume hit a record $5.8 billion in the second quarter, up 114% quarter-over-quarter, as the broader real-world asset market (excluding stablecoins) tripled to over $33 billion from roughly $12 billion a year prior
- FxPro's Alex Kuptsikevich flagged $68,000 as the 61.8% Fibonacci retracement zone from the May-June sell-off, noting consolidation above that level would confirm an upside trend reversal
Why it matters: The ethics provision was the final hurdle holding back Senate passage of the Clarity Act, which would establish a definitive regulatory framework distinguishing digital commodities from securities after years of enforcement-led uncertainty. A sustained break above $68,000 — the 61.8% Fibonacci retracement — would mark a confirmed trend reversal from the May-June sell-off, while Solana's $5.8 billion tokenized-asset record underscores accelerating institutional adoption of on-chain infrastructure.
