Bitcoin Reclaims $65,000 Despite CLARITY Act Setback
The first week of August delivered strong momentum across the cryptocurrency market, with aggregate market capitalization surging from a low under $2.2 trillion to reach $2.9 trillion by Aug. 8. Bitcoin spearheaded the rally, reclaiming the $65,000 threshold for the first time in August and lifting its total market cap back past $1.3 trillion.
Market data shows bitcoin gained over 3% over seven days, ascending from $62,721 to a peak just above $65,300 on Friday before consolidating above key support. Crucially, bitcoin secured these gains despite regulatory headwinds following the U.S. Senate’s failure to pass the CLARITY Act.
While bitcoin anchored the broader market, Cardano (ADA) emerged as the week’s standout performer, logging double-digit gains for the second consecutive week. ADA rallied from $0.174 to hit $0.211 on Aug. 6—a high not seen since June 4—fueled by news of a strategic integration between Cardano and the Injective protocol. Despite this short-term breakout, ADA remains down nearly 30% over a 90-day horizon.
Privacy-focused assets also caught a bid, with ZEC and XMR jumping 8% and 7%, respectively. Large-cap altcoins mirrored the positive sentiment: BNB rose 5% to reclaim the psychological $600 level, matched by gains in SOL and HYPE. Gold-backed tokens PAXG and XAUT advanced over 7% in tandem with spot gold, which rallied from $4,233 per ounce to a Friday high of $4,364.
Conversely, select major altcoins lagged behind the broader market expansion. XRP slid below $1.02 on Aug. 7, finishing down 1.5% and standing as the sole top-10 digital asset to post weekly losses. Stellar (XLM) also retreated 3.3%, while steeper corrections hit CC (-20%), (CRO (-9%), SHIB (-8.8%), and ONDO (-8%).
Looking ahead, confirmation that the CLARITY Act vote has been delayed removes a major macroeconomic catalyst that market participants had counted on to spark a sustained bitcoin rally in the second half of 2026. With federal legislative momentum temporarily stalled, short-term price action will likely be driven by sector-specific narratives and native crypto catalysts, at least until Sept. 15, when the Senate is expected to bring the bill back to the floor.
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