Despite numerous promises from Trump, both sides failed to announce a conclusive deal.
After last week’s Federal Reserve FOMC meeting, all crypto eyes remained on the US, but this time it was focused on whether the Senate will vote on the highly anticipated CLARITY Act before the August recess. The decision became known on Thursday evening.
But before that, let’s rewind the clocks to last Friday when bitcoin tried to take down the $65,000 resistance in the morning. The rejection was swift, and the bears pushed it south to $62,400 within hours. The rebound attempt on Saturday was halted, and the next leg down drove it to a monthly low at $62,200.
A bigger relief rally followed on Sunday morning when US President Donald Trump canceled the planned strikes against Iran and suggested that both sides might announce a permanent deal soon. Something that the Middle Eastern country denied. BTC jumped to $63,800, dipped back down to $62,200, and rocketed on Monday to $64,000 almost immediately.
The hopes of a deal intensified in the following days, with some reports claiming that it could be announced on Wednesday. Although this never materialized, BTC still kept itching higher and tapped $65,000 yesterday.
It was stopped there and dipped toward $64,000 on Friday morning after the CLARITY Act bill faced a major setback as the Senate delayed voting on it. Nevertheless, BTC rebounded during the day and touched $65,300 minutes ago, where it was stopped, at least for now.
It now sits inches below $65,000, with a market cap of $1.3 trillion and a 57% dominance over the alts. Many of them have actually posted more impressive gains over the past week, including ADA (19%), ZEC (11.5%), and XMR (6.5%).
Market Data
Market Cap: $2.295T | 24H Vol: $50B | BTC Dominance: 57%
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BTC: $64,750 (+3.1%) | ETH: $1,910 (+3.4%) | XRP: $1.03 (-2.6%)
This Week’s Crypto Headlines You Can’t Miss
XRP Price Slides on CLARITY Delay as Analyst Flags Weak August Trend. The aftermath of the delayed voting on the CLARITY Act resulted in a major leg down for XRP, which dipped to just over $1.00. Meanwhile, Strategy’s Michael Saylor said Bitcoin doesn’t need CLARITY, but America does.
Chainlink Just Saw Its Biggest Exchange Outflow Since June – Bulls Are Watching. Investors pulled out over 1.25 million LINK tokens from cryptocurrency exchanges in just 24 hours, which was the single-highest withdrawal since June. Whale activity has surged as well, suggesting increased confidence among major holders.
Bitcoin Flashes Rare Bullish Divergence – Déjà Vu for BTC? A popular analyst claimed that BTC has bottomed out during this cycle after observing the formation of a bullish divergence similar to past cycles. However, other market commentators warned that there’s still a lot of leverage in the market, which signals instability.
Analyst Forecasts Ethereum Rally to $3K After Key On-Chain Breakout. Ethereum has outperformed BTC and some other larger-cap alts lately, which immediately prompted well-known analysts to speculate about its next big leg up. According to this analysis, the asset’s path toward $3,000 has begun.
Bitcoin Active Addresses Surge to 8-Month High After Coldcard Panic. The other big news over the past week or so was the Coldcard fiasco, which led to millions and millions of dollars worth of BTC being stolen from users keeping their holdings on the hard wallet. Meanwhile, the number of active BTC addresses has rocketed to a multi-year high, in what Glassnode described as a “fear-driven on-chain activity.”
Strategy Sold Over $100 Million in Bitcoin, Buys Back More STRC. The world’s largest corporate holder of bitcoin announced its third BTC sale of the year, disposing of over $100 million worth of the asset. The company used the proceeds to repurchase $81 million worth of STRC and also increased its USD reserve by $250 million.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
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