Senate delays, markets react
Ripple's XRP fell 5.5% in the last seven days, the biggest loss among major cryptocurrencies, after the Senate confirmed it would not vote on the Crypto Clarity Act before its August recess. Bitcoin remained near $64,300, showing little movement for the week.
On Friday, XRP dropped over 2% to trade at $1.02, while Solana lost nearly 1% to around $73. Dogecoin dipped under 7 cents and ether remained at $1,897 with a slight weekly decline. BNB and Hyperliquid’s HYPE were among the better performers, with HYPE leading the majors with a 1.3% gain.
Uncertainty in the regulatory landscape
The Crypto Clarity Act requires 60 votes to pass, but it’s unclear if it has reached 50 so far. Republican senators have voiced opposition, while Democrats seek stronger measures to restrict President Donald Trump from benefiting from crypto during his time in office. Trump recently reported over $1 billion in income from his crypto ventures in 2025, intensifying the push for clearer regulations.
Senate Majority Leader John Thune said lawmakers would take up the bill in September when they return on Sept. 14. That gives them three weeks to address a legislative backlog that includes the government funding bill and a measure targeting Russia sanctions.
Bitcoin support and resistance levels
Bitcoin held near $64,300 as spot bitcoin funds brought in about $626 million from Aug. 3 to 5. This inflow has helped support the price between $63,000 and $64,000 but hasn't been enough to break through the resistance level at $66,000 to $66,600.
Upcoming U.S. jobs and inflation data next week are key for bitcoin's direction. A strong employment report or stubborn inflation could push the Fed toward tighter monetary policy, which often puts downward pressure on bitcoin.
Bitcoin has not been able to climb past $66,000 despite inflows this week. The results of the next round of economic reports will help determine whether the price tests resistance again or retreats back to the $63,000 level.
Binance’s continued expansion
Binance remains the top exchange in the crypto market, broadening its services beyond spot and derivatives trading into real-world assets (RWAs), payments, savings, yield products, and a wider range of financial offerings. The company continues to innovate and expand, keeping its position at the forefront of the industry.