Bitcoin Shrugs Off Regulatory Setbacks, Surpasses $86K
The price of Bitcoin has risen nearly 7% in the past 24 hours to reach $86,225, after lawmakers blocked the Clarity Act last week. Despite the setback, investors have continued to buy into U.S. spot Bitcoin ETF shares from BlackRock, Fidelity, and Grayscale, with over $593 million in shares being purchased in just two days.
The August rally has seen Bitcoin's price increase by 10% over a 30-day period, with the asset benefiting from the U.S. Treasury's announcement to double its liquidity-support buyback operations. The Federal Reserve's interest rate hike also had no impact on the price of Bitcoin, which has historically performed well in low-interest-rate environments.
The Clarity Act aimed to provide clear rules for the crypto industry, but was blocked due to concerns over the Trump family's crypto holdings. Despite this, regulatory bodies such as the SEC and CFTC continue to push forward with rulemaking, signaling continued adoption of cryptocurrencies.