Crypto markets rally on Clarity progress report, Asian chip-stock rebound

The crypto market rallied on reports suggesting the final hurdle for the long-awaited U.S. Clarity Act may have cleared.

Eleanor Terrett, host of Crypto in America, posted on X that President Donald Trump had agreed to a crucial ethics provision for the crypto market structure bill. The specific language has been shared with a group of Senate Republicans, marking a significant step forward for the legislation.

The ethics provision is a major sticking point in holding back the bill’s passage through Senate. The legislation aims to provide a definitive regulatory framework, clearly distinguishing between digital commodities and securities to end years of enforcement-led oversight.

Bitcoin BTC$66,146.80 rallied above $66,000, gaining 3.5% in 24 hours to its highest in just over a month. Othe cryptocurrencies, including ether (ETH), BNB BNB$575.98 and XRP (XRP) posted even larger gains. Among industry, the standout is the CoinDesk DeFi Select Index, which surged 9%.

Additional tailwinds came from Asia, where the selloff in semiconductor stocks that dragged crypto lower last week reversed, fueling to a broad risk rally.

Analysts are now closely watching the $68,000 threshold. Alex Kuptsikevich, the chief market analyst at FxPro, noted in an email: "slightly higher, approaching $68K, lies the 61.8% Fibonacci retracement zone from the May-June sell-off. The ability to consolidate above these levels would be a further confirmatory signal of an upside trend reversal."

CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.

CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.

CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.