Bitcoin Surges Above $79,000 as Trump and Senate Make Key Moves

Bitcoin surged on Monday after weeks of losses, jumping nearly 3% to trade above $79,000.

The catalysts for this move were signals from President Trump about a possible end to the US-Iran conflict and fresh progress on the Clarity Act, a major crypto regulation bill moving through the US Senate.

Crypto sentiment got a boost when Senator Cynthia Lummis announced that the updated draft of the Clarity Act includes over 120 Democratic demands, including new ethics restrictions on elected officials and their spouses. President Trump has voluntarily agreed to these provisions, which have been backed by Democrats.

The US Senate may vote on the Clarity Act as early as Tuesday, with markets watching closely for a potential rate hike from the Federal Reserve on Wednesday. The odds of a 25-basis-point rate hike climbed to 92.7%, up from 59.4% just a week ago.