Bitcoin nears $80K as Congress pushes the Clarity Act

Bitcoin is having its best week since 2023. The price climbed roughly 25% since Monday, touching nearly $80,000 on Friday. Two things are driving it. Treasury Secretary Scott Bessent announced the government would buy back more long-term bonds. That pushed investors toward riskier assets, like Bitcoin. And President Trump hosted crypto executives at the White House this week, pushing Congress to pass the long-stalled Clarity Act.

The Clarity Act would settle an old fight. Is a token like Bitcoin a security, regulated like a stock? Or a commodity, regulated more like oil? Right now nobody fully agrees, and that uncertainty has scared off some big institutional investors. The Senate advanced the bill back in May. It stalled again before the August recess. Trump doesn't control the Senate's calendar, so this week's push doesn't guarantee a vote. But pressure this close to one is exactly what markets react to.

Keep reading — what to watch

Does this rally hold if the Clarity Act stalls again? Short squeezes can fade fast. That's when traders betting against Bitcoin are forced to buy back in, pushing the price up fast. Watch whether the Senate actually schedules a vote in the coming weeks. That's the difference between a real regulatory shift and just another good week for the price.