Noida, Sep 15 (APAC Media): Bitcoin climbed nearly 2% on Monday, recovering from last week’s losses and reaching a one-week high as investors grew more hopeful that the U.S. Senate could advance a major cryptocurrency bill.
The world’s largest cryptocurrency rose 1.8% to $78,761.80 by 17:54 1:12 IST, after falling 3.2% last week.
Market attention was focused on the Senate, which could vote as soon as Tuesday on the Clarity Act, a landmark piece of legislation aimed at establishing a regulatory framework for cryptocurrencies and digital assets.
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The bill cleared the Senate Banking Committee in May but has since stalled as lawmakers struggled to secure the 60 votes required for passage.
Optimism improved after Republican lawmakers leading the legislation released an updated version late Sunday, saying it addressed key concerns raised by Democrats.
“President Trump voluntarily agreed to new ethics provisions holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history,” Senator Cynthia Lummis, a Republican from Wyoming, said on social media.
She said the revised legislation incorporated more than 120 Democratic demands and urged lawmakers to support the measure.
“A no vote on Tuesday means opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets,” Lummis said. “Democrats got what they wanted; now they need to take yes for an answer.”
The latest draft also includes new provisions giving the Treasury secretary greater authority to respond to potential deposit outflows linked to payment stablecoins, according to the updated legislation.
Bitcoin’s gains were limited, however, as broader risk sentiment remained under pressure.
Anthropic Chief Executive Dario Amodei called over the weekend for a slowdown in the development of increasingly powerful artificial intelligence systems. He urged AI companies to reduce the pace at which they develop and deploy cutting-edge models, citing concerns about potential misuse.
His comments received support from other prominent figures in the technology industry, including OpenAI Chief Executive Sam Altman, xAI founder Elon Musk and Demis Hassabis, co-founder and chair of Google DeepMind.
A prolonged slowdown in AI development could weigh on equity markets, where the rapid expansion of AI-related businesses has helped fuel enormous gains in U.S. technology stocks since late 2022.
Investors were also monitoring oil prices, which have risen nearly 20% over two weeks amid renewed military strikes involving the United States and Iran and an intensifying conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.
Oil prices retreated from their highs on Monday after Trump said Iran wanted to reach a deal “quickly and badly”.
“I will determine whether or not the U.S.A. will choose to engage – the concept of which we are open to,” Trump said.
Markets are now turning to Wednesday’s Federal Reserve decision, which could prove crucial for financial assets. The central bank is widely expected to deliver its first interest-rate hike in more than three years.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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