Bitcoin Climbs on Jobs Miss as Senate Punts Landmark Crypto Bill

Bitcoin surged toward $65,000 this weekend after a stunning U.S. labor market miss shifted Federal Reserve rate expectations in crypto's favor. Economists surveyed by Bloomberg had forecast 80,000 new jobs in July, but the economy instead shed 23,000 positions, sending Bitcoin from a $64,259 open to $65,143 within hours of the report's release. Ethereum also caught a bid, climbing from $1,902 to $1,929 on the same session.

The soft payroll print reinforced bets that the Federal Reserve will hold off on further rate hikes, a backdrop that has historically supported risk assets like Bitcoin. The fear and greed index remains deep in extreme-fear territory at 29, yet spot demand has held the price range near $65,000 for seven consecutive sessions, with Bitcoin commanding a market cap of roughly $1.30 trillion and about 57% of the total crypto market.

Senate Delays CLARITY Act Vote Until After Recess

On the regulatory front, Washington delivered a setback for the industry on August 7. The Senate punted a vote on the CLARITY Act until after its five-week summer recess, raising serious questions about whether Congress can pass comprehensive crypto market-structure legislation before the November midterm elections. Sen. Thom Tillis told reporters the bill's prospects had dropped roughly 50% after the delay, and Sen. Cynthia Lummis, who led negotiations, had repeatedly urged a floor vote before the break.

The CLARITY Act, which passed the House in a bipartisan vote more than a year ago, would establish a regulatory framework integrating digital assets into the existing U.S. financial system. Analysts warn that if the Senate does not act by September, the bill's momentum likely resets to the next Congress, with meaningful enactment unlikely before mid-2027. Meanwhile, renewed inflows to U.S. spot Bitcoin ETFs and whale accumulation have provided an additional layer of price support heading into what is historically Bitcoin's weakest calendar month, with August carrying a median monthly return of -7.87% over the past four years.