Bitcoin rallied 3.5% to $66,000 after reports Trump cleared the Clarity Act's ethics provision. Ether, BNB and XRP posted bigger gains. The next test is $68,000.
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Bitcoin pushed above $66,000 on Wednesday, gaining 3.5% in 24 hours, after reports that a key ethics hurdle for the U.S. crypto market structure bill may have been resolved.
Eleanor Terrett, host of Crypto in America, posted on X that President Trump agreed to the ethics language at the center of the Clarity Act. The specific wording has been circulated to a group of Senate Republicans, she said.
The Clarity Act would draw a statutory line between digital commodities and securities, replacing the SEC's enforcement-led approach with a formal framework. The ethics provision had been the main sticking point holding up Senate passage.
Ether, BNB and XRP posted bigger gains than Bitcoin, each up more than 6%. The CoinDesk DeFi Select Index jumped 9%, the best performer among sector benchmarks.
Crypto got a second tailwind from Asia, where semiconductor stocks reversed last week's selloff. The Philadelphia Semiconductor Index rose 2.8%, lifting the broad risk mood that had dragged digital assets lower in late June.
Traders are watching $68,000 as the next technical test. Alex Kuptsikevich, chief market analyst at FxPro, said in a note that the 61.8% Fibonacci retracement from the May-June selloff sits just above that level. "The ability to consolidate above these levels would be a further confirmatory signal of an upside trend reversal," he said.
Centralized exchange spot volumes rose for the first time in five months in June, climbing 15.3% to $1.11 trillion, according to data from CCData. Real-world asset perpetuals hit a record $311 billion in notional trading volume during the same period.
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