Bitcoin remained stable around $65,200 on Monday, reflecting a 3.7% increase over the week, according to CoinDesk. This uptick marks a recovery from an early-August low of approximately $62,000, which has positively affected the overall market. Meanwhile, Ether hovered around $1,925, and cryptocurrencies like BNB, Solana, and TRON also recorded weekly gains.
This upward movement occurred despite the Senate's inability to pass the CLARITY Act prior to its August recess on Friday, gathering only 51 out of the required 60 votes, thereby deferring any further action until at least September 14.
The market's resilience suggests that traders had already factored in this delay, leading to the conclusion that the Senate's failure served more as a confirmation rather than a negative development.
The current demand appears to be driven more by investor activity than by news headlines.
Spot ETFs have experienced a series of consecutive inflows, and a weakening dollar following an underwhelming US jobs report has eased the conditions that previously constrained bitcoin throughout the summer.
In a positive twist, Michael Saylor contributed to the optimistic sentiment over the weekend by sharing a bitcoin-buy strategy chart with the caption "Doing business." This came shortly after his firm revealed the sale of approximately 1,638 BTC to facilitate buybacks, interpreted by the market as a hint toward future purchases.