Crypto markets rally on Clarity progress report, Asian chip-stock rebound
CoinDesk 2026-07-21 11:02:48
Context: The cryptocurrency market experienced a significant rally after reports emerged that US President Donald Trump had agreed to a key ethics provision, clearing the way for the passage of the US Clarity Act in the Senate. This development, combined with a rebound in Asian chip stocks, contributed to the market's upward momentum. The rally was broad-based, with major cryptocurrencies such as Bitcoin, Ether, and XRP posting notable gains.
Key Facts
- Bitcoin's price climbed above $66,000, reaching its highest level in just over a month, with a 3.5% gain in 24 hours to $66,378.63.
- The CoinDesk DeFi Select Index surged 9%, outperforming other cryptocurrencies, which also saw significant gains, including Ether (ETH) and BNB (BNB) at $576.44.
- Solana's tokenized asset volume hit a record in the second quarter, driven by rapid growth in real-world asset tokenization, indicating increasing institutional adoption.
- Derivatives data showed rising open interest and call-heavy options activity in Bitcoin and Ether, alongside broad-based inflows into major altcoins, despite ongoing demand for hedging as indicated by volatility gauges and put skews.
- The Clarity Act, which aims to provide a definitive regulatory framework for distinguishing between digital commodities and securities, had been held back in the Senate due to a major sticking point over an ethics provision, which President Trump's agreement has now seemingly resolved.