Bitcoin Price Shrugs Off Clarity Act Fail, Blasts Past $86,000

Long-awaited crypto legislation failed last week — but Bitcoin buyers don’t seem to care. 

The price of the leading cryptocurrency shot up Monday by nearly 7% over a 24-hour period, six days after lawmakers blocked the Clarity Act. 

Digital asset industry bigwigs have been calling for clear rules to be put in place to regulate the fast-moving space. But the key legislation aiming to do so in the form of the crypto market structure bill didn’t progress last week after Democrats mostly disagreed with the ethics side of the bill. 

Bitcoin’s price has shrugged off the bill’s collapse, and recently stood at $86,225 after touching as high as $86,247 Monday morning in New York. 

Over a 30-day period, the coin is up 10%. Bitcoin started a phenomenal run in August — its best in years — after the U.S. Treasury announced it would at least double the size of its liquidity-support buyback operations.

The asset’s price further benefited after U.S. President Donald Trump the same week hosted a meeting at the White House with crypto industry leaders and urged lawmakers to get what he called the “powerful” Clarity Act over the line. 

Both Republicans and Democrats blocked the bill but Democrats had mostly been accused of trying to deliberately stall it by pro-crypto lawmakers for months.