Bitcoin moved close to $67,000 after U.S. Treasury Secretary Scott Bessent said legislation related to the Clarity Act had entered its final stage and called on Congress to approve it before recess. A separate update circulating on social media said the White House had reached agreement on the bill’s ethics provisions, giving crypto markets another policy signal to trade on.
On that backdrop, Bitcoin (BTC) briefly rose 2.5% and approached the $67,000 mark. The report said BTC reached $66,956 on the prior day, its highest level since mid-June. Ether (ETH) and XRP also advanced, and Coinbase shares climbed 13%.
Bessent says the bill is at the final stage
According to Bloomberg, Bessent said the Clarity Act was in its final legislative stage and that he hoped Congress would move quickly. The same report said the White House had reached consensus on the bill’s ethics framework, reinforcing the view that U.S. digital asset regulation may be getting clearer.
Crypto prices had been relatively subdued over the past few months, but the prospect of a more defined regulatory framework in the United States has helped bring the market back to life. Bitcoin is now up about 13% this month, ending a two-month losing stretch.
Spot Bitcoin ETF flows stay positive for a third week
Data from SoSoValue showed spot Bitcoin ETF flows turned positive for a third consecutive week. The report also said trading volumes have been recovering, while derivatives positioning suggests selling pressure has been fading.
Research institutions cited in the report said institutional interest has picked up in recent weeks, in sharp contrast with the heavier selling seen during the summer. Technical and positioning signals were described as steadily improving, pointing to the possibility that the market correction is nearing its end.
Capital rotates back into crypto as AI trade cools
Analysts at FRNT Financial said Bitcoin has been consolidating in a $60,000 to $67,000 range since early June. They said part of the reason was that investors had previously concentrated capital in artificial intelligence trades and large IPOs.
As enthusiasm around AI trades has cooled and expectations for the interest-rate path have become more stable, some money has started rotating back into crypto assets. The analysts said Bitcoin is now on an upward path with relatively limited resistance.
Market watches whether Bitcoin has built a floor
The report said past market cycles suggest crypto often forms a bottom through extended periods of stability. A market strategist said Bitcoin’s recent sideways action has established a solid base, with price now attempting to break above the top of its trading range.
If the Clarity Act passes, the report said, it could act as a strong catalyst for a breakout. It also noted that investors still need to watch macroeconomic data and policy variables closely.