- Bitcoin’s brief rally stalls near $65,000 as oil price surges and tech stocks sell off, while the Federal Reserve may fuel the market.
- Goldman Sachs CEO David Solomon breaks with Wall Street to back the Clarity Act, which could be the “ultimate” Bitcoin Price catalyst.
- The bill faces opposition from banking groups and Democratic lawmakers, but prediction markets show 70% odds it becomes law by 2028.
- Market watchers remain skeptical of short-term price support, with one analyst calling the Clarity Act’s passage a “near zero” chance.
The bitcoin price stalled near $65,000 this week as a sudden oil price surge and a sell-off in technology stocks weighed on crypto, even as the Federal Reserve may be about to throw “rocket fuel” on the market. Goldman Sachs chief executive David Solomon revealed he is “very supportive” of moving the crypto market structure bill known as the Clarity Act forward, a move predicted to spark a new bitcoin bull market.
“The Clarity Act—like all legislation—is not perfect,” Solomon told Politico, adding that it creates a level playing field to enhance market stability and allow regulated institutions on the sidelines to participate more actively. The bill, a key part of president Donald Trump’s crypto agenda, would classify most major cryptocurrencies beyond SEC jurisdiction and allow interest-like rewards on stablecoin accounts.
The traditional banking industry and Wall Street have largely opposed the bill, with JPMorgan chief executive Jamie Dimon warning it would put banks at a competitive disadvantage. However, Solomon’s break with the rest of traditional finance could signal acceptance that the bill will pass sooner or later. While a majority of prediction market traders doubt the Clarity Act will become law this year, almost 70% are betting it will before the beginning of 2028.
Democratic lawmakers have said the bill does not go far enough in preventing federal officials from issuing or sponsoring cryptocurrencies. Senator Ruben Gallego called the ethics provision “not a serious effort” and told Politico, “We are still in this fight.” Meanwhile, Global Settlement chief executive Ryan Kirkley noted that the market clearly wants regulatory progress, but that optimism is fighting higher oil prices, geopolitical risk, and the prospect of higher-for-longer rates.
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