Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38%

Markets Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38% Geopolitical risks, rising rates, and fresh regulatory setbacks send crypto lower as key Democrats demand stronger safeguards in the market structure bill. By Omkar Godbole Jul 23, 2026, 3:50 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on BTC remains under pressure as oil and rates rise. (CoinDesk) Summary Show Bitcoin slipped to about $65,500 as rising oil prices and higher Treasury yields pressured risk assets and weighed on major cryptocurrencies. Market sentiment was further dampened by an apparent escalation in U.S. military strikes linked to Iran. Regulator uncertainty persisted as key Senate Democrats criticized the latest draft of the Digital Asset Market Clarity Act, sending betting odds of its passage lower. Bitcoin BTC $ 65,613.22 remained under fresh selling pressure early Thursday as oil and Treasury yields continued to rise and odds for the Clarity Act tumbled. The cryptocurrency changed hands near $65,500, down about 0.7% since midnight UTC, extending the pulled back from a high near $66,700 reached Wednesday. The weakness spilled over into the broader market, with major tokens including ether (ETH), solana (SOL), and XRP (XRP) also trading lower. Futures tied to West Texas Intermediate on the NYMEX climbed to $88.60 per barrel, marking the highest level since June 11. The move extends a steep rebound from recent lows below $70 and signals a potential new inflationary impulse that could push up consumer price indexes in the U.S. and globally. That, in turn, would complicate efforts by central banks to cut interest rates. Bond markets are already reacting. The U.S. two-year Treasury yield jumped to 4.31%, its highest level since February 2025, while the benchmark 10-year yield rose to 4.66%, the highest since May, according to TradingView data. Higher yields raise the opportunity cost of holding non-yielding assets such as bitcoin and gold, often prompting investors to rotate out of speculative holdings and into fixed-income securities that now offer more attractive returns. Adding to the cautious market sentiment, Axios reported that the U.S. military deployed a B-1 long-range bomber on Tuesday to strike targets linked to Iran’s Islamic Revolutionary Guard Corps. The use of the heavy bomber represents a clear escalation in the scale of U.S. operations and suggests Washington may be preparing for a broader campaign, rather than continuing with the more limited strikes seen in recent days. Regulatory uncertainty persisted after a group of key Senate Democrats said the newest draft of the Digital Asset Market Clarity Act (Clarity Act) “falls short” on ethics and other critical provisions. Betting markets on decentralized platform Polymarket reacted swiftly, with the implied odds of the Clarity Act passing tumbling from 46% to 38%. Senate Republicans released the updated draft earlier Wednesday, which includes an ethics provision agreed to by the White House and President Donald Trump. Senator Bernie Moreno called it “the most powerful ethics language in U.S. history. Bitcoin News XRP News Related Assets Bitcoin $ 65,613.22 0.81 % Latest Crypto News 1 Senator Lummis: Ethics, other provisions in crypto Clarity Act to be further discussed 4 hours ago 2 Key Democratic lawmakers say crypto Clarity Act 'falls short' on ethics, other issues 5 hours ago 3 Tesla holds bitcoin treasury steady, reports $112M impairment loss 7 hours ago 4 New draft of Clarity Act is out, and it would impose limits on Trump's crypto empire 11 hours ago 5 Revolut hits $115 billion valuation in employee share sale: WSJ 11 hours ago 6 SEC's Peirce warns some DeFi vaults, onchain lending may fall under securities laws 12 hours ago 7 UK digital bond plans hinge on one missing piece: onchain cash 12 hours ago 8 Crypto Long & Short: The crypto question isn't what to own — it's what you can survive holding 12 hours ago 9 U.S. seeks forfeiture of $25 million in crypto tied to romance and investment scams 14 hours ago 10 Forget Nvidia: The next big AI trade could be crypto and blockchain 14 hours ago Latest Research Crypto Flows, Share and the Selective Rotation Crypto Flows, Share and the Selective Rotation Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. By CoinDesk Research 13 hours ago Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. Why it matters : Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. View Full Report More From Markets Tesla holds bitcoin treasury steady, reports $112M impairment loss Forget Nvidia: The next big AI trade could be crypto and blockchain Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface More From Bitcoin Senator Lummis: Ethics, other provisions in crypto Clarity Act to be further discussed Key Democratic lawmakers say crypto Clarity Act 'falls short' on ethics, other issues Tesla holds bitcoin treasury steady, reports $112M impairment loss