Why Is Crypto Up Today? Bitcoin Tops $80,000 as Ethereum, XRP and Dogecoin Rise Up to 7%

The crypto market is up today (Friday), with Bitcoin back above $80,000 and Ethereum, XRP and Dogecoin rising 6% to 7%. Bitcoin traded at $80,914 on Binance at 18:07 UTC, up 5.9% on the day, while Ether rose 6.4% to $2,603, XRP gained 7.3% to $1.39 and Dogecoin added 7% to $0.0874 on Bitstamp.

The move comes two days after the Federal Reserve raised rates for the first time since 2023 and three days after the Senate failed to advance the CLARITY Act. Neither shock broke the charts, and all four coins are now testing the upper edges of the ranges they built since August.

Why Crypto Is Rising After the Fed and CLARITY Shock

In early June, the same four coins sank together while stocks hit records. This time they are rising together, and the reasons are mostly regulatory and macro.

Pantera Capital founder Dan Morehead told The Block that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are already putting in place much of what the failed bill promised.

"The industry doesn't need Congress," he said.

Macro pressure also eased. The 10-year Treasury yield climbed back above 5% after the Fed decision, then gave some of that move back as oil pulled away from its highs, according to Nexo's daily market dispatch.