- Bitcoin climbs to $66,336 as total crypto market cap rises to $2.26 trillion.
- Bitcoin nears key $68,000 resistance after rebounding 15% from July lows.
- Clarity Act stalls again as Democrats dispute DOJ-only ethics enforcement.
Bitcoin traded near $66,336, up 1.31% over the past 24 hours and up 2.53% for the week, while Ethereum held around $1,935, up 3.24% weekly. XRP climbed to $1.14, up nearly 3.5% for the week, while Solana traded near $78.02.
Total crypto market capitalization stood at $2.26 trillion, up 0.8% over the past day. Sentiment turned notably more positive, with the Fear & Greed Index climbing to 40, moving into “Neutral” territory for the first time in weeks, while the Altcoin Season Index held at 53.
Trending Searches
DeXe topped trending searches despite collapsing 84.9% over 24 hours, followed by Caldera, down 15.5%, and LAB, which surged 35.4%. The extreme swings across trending names underscore how speculative activity remains concentrated in smaller, thinly traded tokens even as majors post steadier gains.
Clarity Act Hits a New Snag
Trump agreed to what the White House called “the most comprehensive and sweeping ethics provisions in history,” but a fresh dispute emerged over who enforces them. Democrats want state attorneys general to have enforcement power, while the White House and Republicans insist the Department of Justice should be the sole enforcer.
Maryland Senator Angela Alsobrooks said DOJ-only enforcement “is not a serious proposal” and threatened to withhold support. Treasury Secretary Scott Bessent called the bill’s progress a “final sprint,” with industry sources expecting a possible floor vote as early as the following Monday, ahead of the August 7 recess deadline.
Bitcoin Approaches a Critical Resistance Test
Bitcoin’s rebound of roughly 15% from July lows has brought it near $68,000, a level analysts flagged as significant since it matches both the average cost basis for buyers over the past five months and the site of June’s failed rally. Bitfinex analysts expect a volatile reaction on the first test of this resistance, as previously underwater holders may sell upon reaching breakeven. K33 Research noted CME Bitcoin futures open interest has fallen to its lowest since 2023, describing current conditions as a “typical summer lull.”
Institutional Buying Continues
Morgan Stanley added 115 BTC over the past week through its spot Bitcoin ETF, lifting total holdings to 5,876 BTC worth over $389 million. BlackRock separately withdrew 1,789.65 BTC worth roughly $119 million from Coinbase Prime into its IBIT wallet. US spot Bitcoin ETFs have now logged over $700 million in cumulative inflows over five straight trading days, the longest such streak since May.
BlackRock’s South Korea ETF drew a record $2.8 billion in weekly inflows, with roughly a quarter of its position allocated to SK Hynix, as Korean investment products led global inflows for the week.
Corporate Restructuring and Setbacks
The planned three-way merger of Twenty One Capital, Strike, and Elektron Energy collapsed, with Jack Mallers stepping down as Twenty One Capital CEO. UK-listed Satsuma Technology shareholders voted 90% in favor of liquidating its 668 BTC treasury and delisting from the London Stock Exchange, closing out a Bitcoin strategy that lasted less than a year.
Movement Labs filed for Chapter 11 bankruptcy, with ousted co-founder Rushikesh Manche’s $1.6 million claim representing the largest listed debt.
Security and Legal Developments
The US Attorney’s Office for the District of Columbia announced the seizure of more than $25 million in crypto tied to five separate investment fraud and romance scam cases, part of a broader task force that has now recovered over $800 million since 2025. AI shopping agent developer ORO disclosed a suspected North Korean hacking group stole approximately $630,000 after compromising an employee’s Telegram account.
The Digital Chamber sued Illinois over its new 0.2% digital asset transaction tax, calling it discriminatory treatment of blockchain-based technology compared to other financial instruments.
Related: Galaxy Launches $5 Million Bitcoin Quantum Protection Initiative
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