What happened: Bitcoin broke higher, ignoring a meltdown in gold and dollar-sensitive assets, after Polymarket bettors pushed the odds of the crypto market structure CLARITY Act passing this year to nearly 30%. The surge follows Senate Republicans releasing a final draft incorporating changes requested by Democrats, including a Treasury secretary circuit-breaker on stablecoin rewards to protect community banks, alongside ethics restrictions.
Why it matters: Even though a crucial 60-vote Senate cloture vote lies ahead and hurdles remain with moderate Democrats, the mere hint of regulatory clarity was enough to inject fresh optimism into the market, pushing Bitcoin up by nearly $2,000 to just shy of $80,000.
