Bitcoin holds near $64,000 as U.S. crypto bill delay weighs on XRP

Traders Union
All News
Crypto
Bitcoin near $64,000, XRP weak

Highlights

Bitcoin remains steady around $64,300 this week as Senate delays the Crypto Clarity Act vote until at least September, clouding regulatory clarity.
XRP leads major crypto losses, dropping over 2% to $1.02 on the day and 5.5% for the week, while other majors see minor declines or flat performance.
Spot bitcoin funds received approximately $626 million between Aug. 3 and Aug. 5, supporting prices near $64,000, but macroeconomic data next week could drive significant moves.

Senate delay shifts focus to market structure debate

As reported by CoinDesk, bitcoin is hovering around $64,300 and remains broadly flat on the week after the Senate delays a vote on the Crypto Clarity Act until at least September.

The bill would define which U.S. regulator oversees different digital assets, but it needs 60 votes to pass and it is unclear whether it currently has even 50. Several Republican senators say publicly that they oppose the measure, while Democrats are pushing for stricter rules to prevent President Donald Trump from profiting from crypto while in office.

Senate Majority Leader John Thune says a vote will come in September, when lawmakers return on Sept. 14 with three weeks to address a wider backlog that also includes government funding and a Russia sanctions bill.

Fund inflows support bitcoin as macro data loom

Among major cryptocurrencies, XRP leads losses, down more than 2% on the day to $1.02 and 5.5% over seven days. Solana falls more than 1% to nearly $73 and is down almost 2% on the week, while dogecoin slips almost 1% to below 7 cents and ether is flat at $1,897, down marginally over the same period.

BNB holds at $591 and is up 1% on the week, while Hyperliquid's HYPE eases by less than 1% to nearly $56 but outperforms the majors over seven days with a 1.3% gain.

Spot bitcoin funds take in about $626 million between Aug. 3 and Aug. 5, helping defend the $63,000 to $64,000 range but not enough to break resistance between $66,000 and $66,600. Next week brings the U.S. employment report and July inflation data, both of which could shape expectations for Federal Reserve policy after the central bank holds rates at 3.50% to 3.75% in July, even as three officials vote for a rate increase.

A strong jobs reading or persistent inflation would strengthen the case for tighter policy, which typically weighs on bitcoin. For now, traders are watching whether incoming macro data give bitcoin another attempt at $66,000 or send it back toward $63,000.

Our earlier article covered Senator Tim Scott’s push for the Senate to hold an initial vote on the Crypto Clarity Act before lawmakers left Washington. We outlined how he framed the bill as a way to set clear regulatory standards for U.S. digital-asset firms, while arguing that growing Republican consolidation could eventually draw Democratic engagement and improve the measure’s passage prospects.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.