Cryptocurrency prices rose after news indicated a potential breakthrough in getting the U.S. Clarity Act passed. The act has been anticipated for some time and this suggests it’s close to becoming law.
Eleanor Terrett, from Crypto in America, reported on X that Donald Trump has supported a key ethics requirement for the proposed crypto market bill. This language has been distributed to Senate Republicans, indicating progress for the bill’s advancement.
A disagreement over ethical considerations is currently preventing the bill from moving forward in the Senate. This proposed law seeks to create clear rules for digital assets, specifically defining the difference between those considered commodities and those classified as securities, which would replace the current approach of regulating through enforcement actions.
Bitcoin‘s price jumped above $66,000, increasing by 3.5% in the last day and reaching its highest point in over a month. Other cryptocurrencies like Ether, BNB, and XRP saw even bigger increases. The CoinDesk DeFi Select Index led the way with a remarkable 9% gain.
Positive momentum also came from Asia, as semiconductor stocks—which had caused crypto prices to fall last week—began to recover, contributing to a wider increase in investor confidence.
Market analysts are currently focused on whether Bitcoin can stay above $68,000. According to Alex Kuptsikevich, market analyst at FxPro, breaking and holding this level would strengthen the case that Bitcoin is starting a new upward trend. This is because $68,000 aligns with a key technical indicator – the 61.8% Fibonacci retracement level from a previous price drop in May and June.
Derivatives positioning
- Bitcoin momentum: Signs of participation in bitcoin’s price rally from derivatives traders are beginning to emerge. With BTC rising above $66,000 for the first time since June 17, open interest (OI) in futures tied to the cryptocurrency jumped to 770,000 from less than 750,000 just a day ago.
- This renewed capital inflow has bullish underpinnings, as evidenced by BTC’s 24-hour OI-adjusted cumulative volume delta (CVD), which is currently the most positive among the biggest tokens. That’s a sign of bulls leading the price action by trading via market orders rather than passive limit orders.
- Ether and altcoin dynamics: ETH futures are displaying similar dynamics, although open interest in XRP and SOL futures remains flat in comparison.
- Dogecoin divergence: Another notable OI gainer is the memecoin DOGE. Futures have seen open interest rise to 15.50 billion tokens, the highest since May 5. However, a negative 24-hour CVD suggests bears are leading the market.
- Broad-based altcoin inflows: Open interest also increased in tokens such as ADA, XLM and LINK, among others, pointing to broad-based capital inflows. Most of these tokens also exhibit a positive 24-hour CVD.
- Bitcoin volatility and hedging: BVIV, bitcoin’s 30-day implied volatility index, stopped falling as the cryptocurrency’s price rose. Typically, the correlation between BVIV and the spot price is negative, so BVIV’s swing casts doubt on the sustainability of recent gains. Perhaps some traders are picking up hedges (options) as prices rise, arresting the drop in the index, which is currently hovering close to a strong support zone. The same can be said for the ether volatility index, EVIV.
- Options skew: In Deribit-listed options, put skews have eased at the front-end, which is expected as the spot price rises. Overall, though, puts continue to trade pricier than calls across all time frames. That, at least in part, represents overhead call selling executed for yield generation alongside persistent hedging demand.
- Call volume dominance: Speaking of volumes, calls dominate the 24-hour rankings in bot bitcoin and ether, hinting at growing demand for upside exposure.
Token talk
- Solana’s tokenized asset volume reached a record $5.8 billion in the second quarter, marking a 114% quarter-over-quarter increase and a six-quarter growth streak driven by tokenized equities.
- This performance highlights accelerating institutional adoption and the network’s capacity to scale high-volume transactions, reinforcing its role in bridging traditional finance with decentralized infrastructure.
- While Solana’s native token, SOL, fell by over 11% in the quarter, the decline wasn’t as steep as bitcoin’s 15% slide.
- So far in July, SOL has gained 6% versus BTC’s 13% bounce.
- In the meantime, the broader tokenized real-world asset market, excluding stablecoins, has grown dynamically to over $33 billion, nearly tripling from roughly $12 billion a year prior.
2026-07-21 14:05