Why Did Bitcoin Suddenly Jump Back Above $80,000?
Nobody was positioned for this one. The week handed the market three headlines that should have crushed it: a Fed rate hike, a Bank of Japan rate hike, and a failed crypto bill. The Clarity Act stalled in the Senate and pushed Bitcoin as low as $75,000. Then the market did the opposite of what the script said.
$Bitcoin reclaimed $80,000 on Friday morning, jumping more than 5%. The trigger was regulatory, not monetary. After the Clarity Act failed to advance, the SEC stepped in on Thursday with a conditional exemption allowing certain tokenized stocks to trade on blockchains for the next five years, and the CFTC filed its own crypto asset rulemaking to the White House for review. Agencies kept building the framework that Congress could not pass.
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