Bitcoin maintained its position near $65,200 on Monday, representing a 3.7% weekly gain according to CoinDesk data. This represents a rebound from the early August low of approximately $62,000, with the broader cryptocurrency market following suit. Ether was trading around $1,925, while BNB, Solana, and TRON all recorded weekly gains.
Despite the Senate falling short of the 60 votes required to pass the CLARITY Act before adjourning for its August recess on Friday, the cryptocurrency market showed resilience. The legislation’s next potential vote is now scheduled for September 14 at the earliest.
This upward movement aligns with strategists’ views that the delay had already been factored into market prices, with the failure to pass serving as confirmation rather than a new negative development.
Market momentum appears driven by institutional flows rather than regulatory news. Spot ETFs have recorded consecutive days of inflows, while a weakening US dollar following recent employment data has improved the investment environment that previously pressured bitcoin during the summer months.
Michael Saylor’s influence contributed to positive sentiment over the weekend, posting Strategy’s bitcoin accumulation chart with the caption “Doing business.” This follows the firm’s recent disclosure of selling approximately 1,638 BTC to fund share buybacks, which markets interpreted as a potential signal of future accumulation.
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