Crypto Daily｜Bitcoin Tops $65,000 With US Inflation Data Due This Week; US Senate Advances Landmark Crypto Bill Before Heading On August Recess

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US Senate advances landmark crypto bill before heading on August recess

U.S. Senate Majority Leader John Thune moved on Saturday to advance a major bill that would create a regulatory framework for cryptocurrencies which, ‌if passed, would mark a huge victory for U.S. President Donald Trump and ‌the crypto industry.

Thune, a Republican, early Saturday morning filed to set up a key procedural vote on the Clarity ​Act when the Senate returns from its August recess in mid-September, potentially paving the way for a full floor vote on the bill, according to the U.S. Senate Press Gallery website.

Bitcoin tops $65,000 with US inflation data due this week

Bitcoin rose above $65,000 on Monday, up nearly 3% over the week, with July inflation data due Wednesday at 8:30 a.m. ET after Friday's weak jobs report eased worries the Federal Reserve would need to raise rates.

Ether traded near $1,919 and is also up almost 3% on the week. BNB gained 0.3% to $603 and matched that weekly move. Solana was the strongest major, up 1% on the day to nearly $77 and almost 5% over seven days. Tron held at 33 cents.

Trump Media Ends Token, Prediction Market Deals With Crypto.com

A year after agreeing to form a digital treasury company to buy billions of dollars of the Crypto.com digital token known as CRO, Trump Media & Technology Group Corp. ended the deal Friday. The two companies also dropped a plan that would’ve made prediction market contracts available on the Truth Social network.

The withdrawal marks a step back by the Trump-controlled conglomerate from the crypto space after Bitcoin prices fell by nearly half to around $65,000 since their peak last year and enthusiasm for token-hoarding stock vehicles faded.

Bitcoin & Ethereum Spot ETF Flow

According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 98.85M USD. The Bitcoin Spot ETF with the highest net inflow last Friday was BlackRock's ETF IBIT, with a daily net inflow of 86.71M USD.

The total net asset value of Bitcoin Spot ETFs is 79.5B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.1%.