Bitcoin Price ignores clarity bill blocked, strength breaks through $86,000

The much-anticipated cryptocurrency legislation failed to advance last week, but the buyers of Bitcoin seem unconcerned. On Monday, the mainstream cryptocurrency , which rose nearly 7 percent in 24 hours and broke through the $86,000 threshold just six days after lawmakers shelved the clarification bill.

Legislation thwarted, currency unprofitable

Industry insiders have long called for clear rules of regulation in this fast-growing sector. However, the market structure bill aimed at achieving that goal failed to make progress last week because a majority of Democratic lawmakers did not approve of the ethical clauses involved.

The price of Bitcoin was not significantly impacted by the law. On Monday morning, New York time, it reached a high of $86,247 and subsequently reported an increase to $86.225. Over the past 30 days, the price has risen 10 percent.

Where does the strong momentum since August come from?

One of the triggers was Treasury's announcement that it would at least double the size of its liquidity-backed repurchase operations. The same week, President Trump met with crypto industry leaders in the White House to urge lawmakers to push through his trumpeted strong bribery and transparency bill.

Both Republicans and Democrats have blocked the bill, but lawmakers supporting cryptocurrency have long accused Democrats of deliberately delaying it. The core concern among Democratic members is that crypto asset may constitute a conflict of interest for the Trump family. Since his return to politics, he has launched several projects with his sons in succession on digital asset , whose personal financial disclosures show about $1.4 billion in crypto-related revenue.

Democratic Senator Elizabeth Warren, one of the cryptography industry's most vocal critics, told Congress before the vote that the bill poses a huge risk to ordinary families.

Regulatory and financial aspects still moving forward

Despite the bill's failure to advance, the SEC and Commodity Futures Trading Commission are continuing their respective rule-making efforts.

On the money side, United States Bitcoin Bitcoin ETF achieved net inflows last week. According to Farside Investors, the related products of BlackRock , Futura and Grey Management attracted nearly $593 million in purchases on Thursday and Friday respectively.

In addition, the Fed announced interest rate hikes last week as expected but Bitcoin prices were not affected by central bank decisions. From a historical perspective, it has often performed well in low-interest environments.

(From Bitcoin Magazine, by Matthew Di Salvo)