Crypto Market Soars Past $2.9T as Bitcoin Tops $65K
The cryptocurrency market has seen a significant surge in value over the past week. By August 1st, 2026, the total market capitalization had jumped from under $2.2 trillion to $2.9 trillion. Bitcoin was at the forefront of this rally, with its price climbing over 3% to surpass $65,300. This is despite regulatory setbacks caused by the U.S. Senate's failure to pass the CLARITY Act.
Cardano (ADA) stood out among altcoins, posting double-digit gains for the second week in a row. This growth can be attributed to a strategic partnership with Injective protocol. Other privacy coins like Zcash and Monero also saw notable increases. However, not all assets were fortunate, as XRP and some other major altcoins declined.
The delay in the CLARITY Act vote means that short-term crypto price movements will depend more on sector-specific developments until the bill returns to the Senate floor in mid-September. SharpLink CEO Joseph Chalom has expressed his opposition to Ethereum's EIP-8363 proposal, which would burn validator rewards as staking increases and potentially reduce staking yields to zero at a 50% staking ratio.