Crypto Market Update: Bitcoin Rallies as Trump Backs CLARITY Act
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news
Here's a quick recap of the crypto landscape for Friday (August 21) as of 10:00 a.m. UTC.
Bitcoin price update
Bitcoin (BTC) was priced at US$77,864.10, up by 8.3 percent over the past 24 hours.
Bitcoin price chart
Chart via the Investing News Network
Bitcoin price performance, August 21, 2026.
Ether and altcoin price update
Bitcoin price performance, August 19, 2026.
- Ethereum (ETH) was priced at US$2,402.78, trading 5.1 percent higher over the last 24 hours.
- XRP (XRP) was priced at US$1.42, trading 19.6 percent higher over the past 24 hours.
- Solana (SOL) was trading at US$91.64, trading 5 percent higher over the past 24 hours.
Today's crypto news to know
Bitcoin surges 22 percent as Trump administration pushes CLARITY Act
Bitcoin surged 22 percent this week to reach US$77,692, recording its best five-day performance since March 2024.
The rally gained momentum after President Donald Trump met with crypto executives at the White House and urged Congress to pass the CLARITY Act.
Broader digital asset markets broke out of a months-long slump as Ethereum climbed above US$2,200 and XRP jumped 25 percent. Macroeconomic policy changes added fuel to the surge when Treasury Secretary Scott Bessent announced plans to double long-term bond buyback limits.
Meanwhile, spot Bitcoin ETFs recorded US$517 million in single-day net inflows during the market recovery. A massive short squeeze accelerated the price movement, wiping out over US$3.5 billion in total market liquidations.
Bitcoin outperformed major altcoins like Solana throughout the breakout while reclaiming key technical levels past US$75,000.
Crypto-related equities joined the surge, pushing Strategy (NASDAQ:MSTR) up nearly 12 percent while Coinbase Global (NASDAQ:COIN), Circle Internet Group (NYSE:CRCL), and BitMine Immersion Technologies (NYSEAMERICAN:BMNR) each gained roughly 10 percent.
Coinbase CEO Brian Armstrong backs CLARITY Act to boost consumer protections
Coinbase CEO Brian Armstrong publicly endorsed the bipartisan CLARITY Act during a CBS News interview, arguing the legislation will protect consumers and prevent another FTX-style collapse.
"The current status quo today is that there isn't much clarity about what the rules are," Armstrong argued, which left ordinary Americans vulnerable to harm.
The bill establishes joint regulatory oversight between the SEC and CFTC while granting law enforcement stronger tools to combat illicit activity.
President Donald Trump pushed for the legislation following a White House meeting with industry executives, stating, "It's a very, very powerful, structured legislation which will keep us ahead of China, keep us ahead of everyone else."
The White House meeting coincided with regulators granting preliminary bank charter approval to World Liberty Trust Company, a firm affiliated with President Trump's family. Armstrong defended the bill against conflict-of-interest allegations by pointing to embedded ethics provisions targeting executive branch officials.
The Senate plans to hold a procedural vote on the market structure bill when lawmakers return in September.
CME, Kalshi executives clash at CFTC Roundtable
A CFTC roundtable on prediction markets turned hostile when CME Group Chairman Terry Duffy and Kalshi co-founder Luana Lopes Lara traded sharp insults over market integrity.
Duffy voiced deep concern over contract manipulation, asserting, "We're not a bunch of carnival barkers at a circus." He mocked Kalshi's consumer offerings, citing their event contracts on the Nathan's hot dog eating contest as lacking economic significance.
Lara challenged the legacy exchange chief directly, asking whether CME had ever experienced market manipulation issues throughout its operating history. Duffy defended his exchange by boasting about the size of his regulatory department compared to Kalshi's entire workforce.
DraftKings CEO Jason Robins eventually intervened, asking attendees to refrain from attacking rival business models.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
