CLARITY Act Speculation Boosts Bitcoin to $78,000 Amid Volatility
Bitcoin reclaimed the $78,000 mark after three days of volatility, fueled by speculation surrounding the CLARITY Act. The prediction market odds of the bill becoming law surged ahead of Tuesday's key vote, boosting investor confidence.
According to Coinglass data, 80,121 traders were liquidated in the past 24 hours for $228.09 million. Meanwhile, SoSoValue reported net outflows of $13.3 million from spot Bitcoin ETFs on Friday, while Ethereum ETFs saw a substantial influx of $216.4 million.
Altcoins also experienced significant price movements, with Stellar, Lighter, and NEAR Protocol leading the pack. Analyst Michael van de Poppe sees bullish continuation as long as $78,000 holds, targeting a move toward $81,000. However, not all experts share this optimism, as CLARITY Act failure would be considered 'the worst outcome' by Bernstein.
Trader Altcoin Sherpa noted that Bitcoin struggles to break through the $80,000-$81,000 resistance zone and warned of increased volatility due to upcoming macro events.