RESOLVING THE LEDGER
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XRP was the weakest major, down over 2% on the day to $1.02 and 5.5% over seven days. Solana fell over 1% to nearly $73 and is down almost 2% on the week. Dogecoin slipped almost 1% to under 7 cents and ether was flat at $1,897, down marginally over seven days. BNB held at $591 and is up 1% on the week. Hyperliquid's HYPE eased under 1% to nearly $56 but leads the majors over seven days at 1.3%.
The bill, which would set out which U.S. regulator oversees which digital assets, needs 60 votes to pass and it is unclear whether it currently has 50. Several Republican senators have said publicly they oppose it, and Democrats want stricter rules preventing President Donald Trump from profiting from crypto while in office.
Trump disclosed more than $1 billion in income from his crypto ventures in 2025. Senate Majority Leader John Thune said a vote would come in September, when lawmakers return on Sept. 14 with three weeks to work through a backlog that also includes government funding and a Russia sanctions bill.
Spot bitcoin funds took in about $626 million between Aug. 3 and Aug. 5, enough to defend the $63,000 to $64,000 area but not enough to push through resistance between $66,000 and $66,600.
Next week brings the U.S. employment report and July inflation data. The Federal Reserve held rates at 3.50% to 3.75% in July, though three officials voted to raise them. A strong jobs number or sticky inflation would strengthen the case for tighter policy, which typically weighs on bitcoin.
Bitcoin has not managed to break $66,000 even with money coming in all week. Next week's jobs and inflation reports decide whether it gets another try or slips back toward $63,000.
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