Bitcoin held above $64,000 on Wednesday, posting a 1.1% gain amid volatile intra-day trading, while Polymarket lowered the CLARITY Act's 2026 passage odds to 15%. The price stability came as Senate delays pushed legislative discussions on the crypto market structure bill to September. Political friction around the impending vote intensified as the Senate's Aug. 5 schedule omitted the CLARITY Act entirely, signaling a lack of bipartisan consensus.
Bitcoin Anchors Above $64,000 Amid Intra-Day Volatility
On Wednesday, bitcoin anchored itself above the $64,000 baseline despite sharp 24-hour volatility. Market data show the cryptocurrency dipped below $64,000 several times during the session but quickly reclaimed the mark, signaling strong buying pressure. Each rally stalled once bitcoin breached $64,400.
At 8:30 a.m. EST, the price fell from $64,466 to a daily low of $63,900 in just over an hour. A sharp rebound erased the drop and pushed bitcoin to a peak of $64,706. As of 12:53 p.m. EST, bitcoin traded just under $64,600, nudging its market capitalization close to $1.3 trillion.
Market Liquidations Reach $216 Million
Coinglass data showed market liquidations reached $216 million, with short positions accounting for $148 million of the total. Of the nearly $52 million in leveraged bitcoin positions, short liquidations made up $45 million. For the second straight day, even modest gains proved brutal for short sellers.
Senate Schedule Omits CLARITY Act on Aug. 5
Analysts view the CLARITY Act as a key catalyst for bitcoin this year. Reports late Tuesday indicated Senate Majority Leader John Thune planned to file cloture, though later reports noted Senate Democrats intend to block the move. The Senate's Aug. 5 schedule omitted the CLARITY Act entirely.
![Bitcoin holds $64K as Polymarket cuts CLARITY odds to 15%]()
Advocates Point to September as Next Legislative Window
Coinbase Vice Chairman Ryan VanGrack stated that a failure in the current legislative session does not kill the bill, pointing to September as a viable secondary runway for passage. Sen. Cynthia Lummis, one of the measure's chief legislative architects, maintained a bullish outlook on its ultimate trajectory, though she conceded that high-stakes negotiations will likely drag through the weekend.
Polymarket Lowers CLARITY Act Passage Odds to 15%
Polymarket users now give the CLARITY Act just a 15% chance of becoming law this year, down 12 percentage points from 27% on Monday. The decline reflects growing skepticism around bipartisan consensus as Congress prepares to enter recess.
FAQ
What did Bitcoin do on Wednesday?
Bitcoin held above $64,000 on Wednesday, posting a 1.1% gain despite volatile intra-day trading. The cryptocurrency dipped below $64,000 several times but quickly reclaimed the mark, trading just under $64,600 as of 12:53 p.m. EST.
Why did Polymarket lower CLARITY Act odds?
Polymarket lowered the CLARITY Act's 2026 passage odds to 15% from 27% on Monday after the Senate's Aug. 5 schedule omitted the bill entirely. Senate Democrats intend to block cloture, pushing legislative discussions to September.
