Crypto Market Update: Bitcoin Price Rallies as Trump Backs CLARITY Act

Bitcoin price update

Bitcoin (BTC) was priced at US$77,864.10, up 8.3 percent over the past 24 hours. The cryptocurrency has risen over 20 percent this week, recording its best five day performance since March 2024.

The rally gained momentum after US President Donald Trump met with crypto executives at the White House and urged Congress to pass the CLARITY Act. Digital assets broke out of a months-long slump as Ether climbed above US$2,200 and XRP jumped 25 percent. Macroeconomic policy changes added fuel to the surge when Secretary of the Treasury Scott Bessent announced plans to double long-term bond buyback limits.

Meanwhile, spot Bitcoin exchange-traded funds recorded US$517 million in single-day net inflows during the market recovery. A massive short squeeze accelerated the price movement.

Crypto-related equities joined the surge, pushing Strategy (NASDAQ:MSTR) up nearly 12 percent, while Coinbase Global (NASDAQ:COIN), Circle Internet Group (NYSE:CRCL) and BitMine Immersion Technologies (NYSEAMERICAN:BMNR) each gained roughly 10 percent.

Bitcoin price chart

Ether and altcoin price update

• Ethereum (ETH) was priced at US$2,402.78, trading 5.1 percent higher over the last 24 hours.

• XRP (XRP) was priced at US$1.42, up 19.6 percent over the past 24 hours.

• Solana (SOL) was trading at US$91.64, a rise of 5 percent higher over the past 24 hours.

Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Coinbase CEO backs CLARITY Act to boost consumer protections
• CME, Kalshi executives clash at CFTC roundtable

Coinbase CEO backs CLARITY Act to boost consumer protections

Coinbase CEO Brian Armstrong publicly endorsed the bipartisan CLARITY Act during a CBS News interview, arguing that the legislation will protect consumers and prevent another FTX-style collapse.

"The current status quo today is that there isn't much clarity about what the rules are," Armstrong said, noting that this has left ordinary Americans vulnerable to harm.

The bill establishes joint regulatory oversight between the US Securities and Exchange Commission and Commodity. Futures Trading Commission (CFTC) while granting law enforcement stronger tools to combat illicit activity.

Trump pushed for the legislation following a White House meeting with industry executives, stating, "It's a very, very powerful, structured legislation which will keep us ahead of China, keep us ahead of everyone else."

The White House meeting coincided with regulators granting preliminary bank charter approval to World Liberty Trust Company, a firm affiliated with Trump's family. Armstrong defended the bill against conflict of interest allegations by pointing to embedded ethics provisions targeting executive branch officials.

The Senate plans to hold a procedural vote on the market structure bill when lawmakers return in September.

CME, Kalshi executives clash at CFTC roundtable

A CFTC roundtable on prediction markets turned hostile when participants traded insults over market integrity.

CME Group (NASDAQ:CME) Chair Terry Duffy voiced deep concern over contract manipulation, asserting, "We're not a bunch of carnival barkers at a circus." He mocked Kalshi's consumer offerings, saying the company's event contracts on a Nathan's hot dog eating contest lacked economic significance.

Kalshi co-founder Luana Lopes Lara challenged the legacy exchange chief directly, asking whether CME Group has ever experienced market manipulation issues throughout its operating history. Duffy defended his exchange by boasting about the size of his regulatory department compared to Kalshi's entire workforce.

DraftKings (NASDAQ:DKNG) CEO Jason Robins eventually intervened, asking attendees to refrain from attacking rival business models.