Bitcoin Surges Past $87,000 Despite Regulatory Uncertainty

Bitcoin has surged to its highest level since January, trading above $87,000 after a 7% increase. This comes just days after US lawmakers failed to advance the Clarity Act, which had raised concerns about crypto regulation.

The stock market picked up on the momentum, with crypto-linked companies showing similar strength. Coinbase has gained 10% over the last five days, while Robinhood is up 11%. Strategy, led by Michael Saylor, and Silvia Inc., formerly ProCap Financial, have both rallied 28%.

Despite the lack of regulatory progress, the market seems to be focusing on macro forces driving bitcoin's price. Global liquidity and currency debasement are seen as key drivers, rather than policy tailwinds.