US Crypto Policy and Corporate Demand Keep Bitcoin Above $79,000
Bitcoin traded near $80,000 on Sunday after a strong rebound from roughly $63,000 in August. The cryptocurrency remains down about 9% for the year.
The corporate demand for Bitcoin is a key factor supporting its price, with Strategy expanding its holdings by purchasing 4,603 BTC for $369.7 million using proceeds from common-stock sales. Strategy's total Bitcoin holdings now stand at 845,050 BTC as of August 30.
The U.S. Senate is also moving closer to a procedural vote on the CLARITY Act, which would establish a federal market structure for digital assets and divide oversight between the Commodity Futures Trading Commission and Securities and Exchange Commission. Passage would bring the legislation closer to formal Senate consideration after the House approved it last year.