Bitcoin's price disregarded the failure of the Clarity Act, jumping nearly 7% in a 24-hour period to reach $86,225, after touching as high as $86,247 on Monday morning in New York. This surge brought Bitcoin up 10% over a 30-day period, following a strong August performance attributed to the US Treasury's announcement of increased liquidity-support buyback operations. Former President Donald Trump also advocated for the Clarity Act during a White House meeting with crypto industry leaders.
US spot Bitcoin exchange-traded funds (ETFs) contributed to the positive sentiment, experiencing net positive flows last week. After initial outflows, the ETFs attracted $593 million on Thursday and Friday, leading to a net increase of $6 million for the week. This influx helped push Bitcoin above $81,000 for the first time in two weeks, reaching as high as $82,078 in Singapore on Monday.
While Bitcoin saw substantial gains, several altcoins significantly outpaced it, contributing to the total crypto market reaching nearly $3 trillion. Hype doubled and entered the top ten, with Multicoin predicting a 400% surge. Privacy coin Zcash rocketed almost 3,000% and also joined the top ten, while its rival Monero doubled. VeniceAI's VVV token soared over 1,200%, and Bitway astonishingly climbed almost 9,000% in the past year.
The regulatory landscape is also shifting, with the SEC and CFTC moving forward with rulemaking despite the Clarity Act's stall. The CFTC filed its crypto asset rulemaking with the White House, and the SEC released an innovation exemption for onchain trading of tokenized stocks. This independent regulatory action is seen by some as a substitute for congressional legislation, potentially opening a larger institutional pipeline for tokenized stock trading.
