Bitcoin Hits Five-Week High as Trump Backs Crypto Bill

Bitcoin reached a five-week high of $66,910 on July 21, 2026, triggering approximately $200 million in short liquidations across the cryptocurrency market. The rally followed reports that Donald Trump agreed to a key ethics provision in the Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act. This legislation seeks to define federal oversight for digital assets, clarify the respective jurisdictions of the SEC and CFTC, and regulate stablecoins.

Market momentum was further supported by a five-day streak of positive net inflows into U.S.-listed Bitcoin Spot ETFs, totaling roughly $727.3 million, with $227 million entering on Monday. Trading firm QCP Capital noted demand for Bitcoin upside bets toward the end of the month. Analysts identified a macro bottom signal via momentum oscillators, though they flagged $67,500 to $68,000 as the next resistance zone.

Other market developments included FTX announcing $900 million in bankruptcy payouts for July 31 and BitMine increasing its Ethereum reserves to 5.78 million ETH. Despite the crypto surge, the broader geopolitical environment grew volatile as Houthi-led maritime embargos on Saudi Arabia and disruptions in the Strait of Hormuz pushed up crude oil prices and the Dollar Index.