Bitcoin climbs 2.3% to $64,282 as White House crypto summit nears

Bitcoin rose 2.3 percent to $64,282 on Monday, recovering from a roughly 3 percent weekly decline as traders positioned ahead of Wednesday's White House crypto summit.

Galaxy Research cut the probability of the CLARITY Act becoming law in 2026 to 10 percent, down from 75 percent in May, because the Senate has almost no floor time left before midterm election activity, Alex Thorn, head of firmwide research at Galaxy Digital, said Aug. 14.

The summit, hosted by President Donald Trump alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins, will bring together executives from Coinbase, Robinhood, Ripple, Gemini, Kalshi and Polymarket. The gathering precedes the CFTC Innovation Advisory Committee's inaugural session Thursday, where digital-asset and prediction-market regulation top the agenda. Bitwise CIO Matt Hougan told CNBC the attendee mix suggests tokenization could be the meeting's biggest theme, pointing to the convergence of crypto exchanges and traditional market infrastructure as financial markets increasingly move toward 24/7 trading and tokenized assets.

US spot Bitcoin ETFs shed roughly $390 million between Aug. 10 and 14, their heaviest weekly redemptions in about two months, wiping out most of a strong start to the month. Total crypto market capitalization sits near $2.16 trillion with Bitcoin dominance around 58 percent. Bitcoin is holding above $63,000 support, with resistance near $64,000-$65,500.

Tokenization Could Expand DeFi's Addressable Market

Hougan highlighted Uniswap, Hyperliquid and Chainlink as potential beneficiaries if blockchain applications increasingly serve traditional equity and bond markets. Solana could also benefit from growing tokenized-stock activity, he added. Bitcoin would likely benefit more broadly from an administration continuing to make the U.S. more hospitable toward crypto, according to Hougan.

Polymarket odds on 2026 CLARITY Act passage fell from roughly 82 percent to about 16 percent over a comparable period. Thorn's summary was blunt: CLARITY is now much more about politics than policy. A cloture motion on proceeding to the bill is scheduled to ripen Sept. 15.

With legislation stalling, the SEC and CFTC are building a crypto framework through exemptions and rulemaking instead, which delivers faster relief but far weaker permanence. Much of the resulting framework could be reversed by a future administration, Thorn warned. The week's calendar front-loads macro data and back-loads politics, with US import prices and industrial production arriving Tuesday, the White House meeting Wednesday, and the CFTC committee sitting Thursday. A warm summit produces headlines but changes no law; a cold one, or a fresh wave of ETF redemptions, gives a market already down more than 25 percent year to date a reason to test $62,000.

This article is for informational purposes only and does not constitute investment advice.