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Crypto prices rebounded despite a major legislative setback for key bills intended to bring clarity to the industry.
Crypto markets regained bullish momentum on Wednesday, July 16, with Bitcoin (BTC) rising 2.3% to trade at $118,900. The overall crypto market cap increased by 1.39%, while major altcoins posted even larger gains. The top 100 crypto assets rose 3.51%, with Ethereum (ETH) leading the charge, up 9.77%.
Top altcoins like Solana (SOL) and Dogecoin (DOGE) also saw significant gains, up 6.25% and 7.23% respectively. What is more, smaller memecoins were among the top gainers. Pepe (Pepe) was up 11.42% while Bonk (BONK) gained 22%. The top performer was the memecoin SPX6900 (SPX), up 24.7% over 24 hours.
Crypto rebounds after a hit to ‘Crypto Week’
The rally followed a mix of ETF inflows and macroeconomic uncertainty, but the most immediate catalyst appears to be the market rebound after a major procedural defeat in Congress. On July 16, a vote failed to advance three key crypto-related bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
The legislation was scheduled to be debated during the week of July 14, informally dubbed “Crypto Week”, which may now face delays. However, Republicans are working to resolve internal disagreements that led to the failed vote.
What is more, U.S. President Donald Trump has stated that some of the legislation could be passed as soon as Wednesday. If some of the bills pass, this would send a strong signal to the crypto industry that U.S. legislators are prepared to give clarity on crypto assets.
This regulatory clarity is driving significant institutional capital into crypto, as more and more investors view Bitcoin as a hedge against macro risk and inflation. Notably, ETF inflows have reached nearly $20 billion since April, outpacing any other asset class.