Bitcoin Rally Stalls As Oil Surge, Fed Moves Loom
Bitcoin’s brief rally stalls near $65,000 as oil price surges and tech stocks sell off, while the Federal Reserve may fuel the market. Goldman SachsCEO David Solomon breaks with Wall Street to back the Clarity. . .
Bitcoin’s brief rally stalls near $65,000 as oil price surges and tech stocks sell off, while the Federal Reserve may fuel the market. Goldman SachsCEO David Solomon breaks with Wall Street to back the Clarity Act, which could be the “ultimate”Bitcoin Pricecatalyst. The bill faces opposition from banking groups and Democratic lawmakers, but prediction markets show 70% odds it becomes law by 2028. Market watchers remain skeptical of short-term price support, with one analyst calling the Clarity Act’s passage a “near zero” chance. The bitcoin price stalled near $65,000 this week as a sudden oil price surge and a sell-off in technology stocks weighed on crypto, even as the Federal Reserve may be about to throw “rocket fuel” on the market. Goldman Sachschief executive David Solomon revealed he is “very supportive” of moving the crypto market structure bill known as the Clarity Act forward, a move predicted to spark a new bitcoin bull market. - Advertisement -“The Clarity Act—like all legislation—is not perfect,”SolomontoldPolitico, adding that it creates a level playing field to enhance market stability and allow regulated institutions on the sidelines to participate more actively. The bill, a key part of presidentDonald Trump’s crypto agenda, would classify most major cryptocurrencies beyond SEC jurisdiction and allow interest-like rewards on stablecoin accounts. The traditional banking industry and Wall Street have largely opposed the bill, withJPMorganchief executive Jamie Dimon warning it would put banks at a competitive disadvantage. However, Solomon’s break with the rest of traditional finance could signal acceptance that the bill will pass sooner or later. While a majority of prediction market traders doubt the Clarity Act will become law this year, almost 70% are betting it will before the beginning of 2028. Democratic lawmakers have said the bill does not go far enough in preventing federal officials from issuing or sponsoring cryptocurrencies. Senator Ruben Gallego called the ethics provision “not a serious effort” andtoldPolitico, “We are still in this fight. ” Meanwhile,Global Settlementchief executive Ryan Kirkley noted that the market clearly wants regulatory progress, but that optimism is fighting higher oil prices, geopolitical risk, and the prospect of higher-for-longer rates. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. - Advertisement -Previous Articles:Thai SEC files criminal complaint against Bitkub over hack reportBitcoin ETFs snap seven-day inflow streak with $225M in outflowsMusk says SpaceX IPO lets public invest as shares face third weekly declineBitMEX delists 65 trading pairs in July amid shutdownBlack Forest Labs launches FLUX 3, its first video AI with synced audioStay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.