Bitcoin climbed as high as $67,000 on Tuesday, its best level since mid-June, then gave it all back and slipped below $66,000 as investors shifted attention to Alphabet's earnings. The intraday gain peaked at 2.5% before the retreat.
The catalyst was a late Monday report that the White House had signed off on ethics language in the Clarity Act, the provision that had held up the market-structure bill for months. Treasury Secretary Scott Bessent added fuel on Tuesday morning, telling Fox Business the legislation is at the "1-yard line" and pressing Congress to hold a vote before the August recess.
What the Bill Actually Needs
The Clarity Act has just over ten working days left before lawmakers break for August. To clear the Senate, it needs 60 votes, which means at least seven Democrats would have to cross the aisle. Prediction market Polymarket currently prices the bill's chances of passing this year at 41%.
Bitwise chief investment officer Matt Hougan put it bluntly on X: "If Clarity passes, winter is over." He argued the market is still underpricing the probability of the bill moving in 2025.
Crypto had also caught a tailwind from a broader tech rally tied to optimism around AI demand ahead of a wave of earnings reports. That same tech correlation had worked against Bitcoin last Friday, when it fell in step with equities.
Options desks trimmed exposure into the afternoon session as equities wavered ahead of Alphabet's numbers.
This article is for informational purposes only and does not constitute financial advice.
