Bitcoin has experienced a tumultuous few weeks, highlighted by U.S. Secretary of War Pete Hegseth’s assertion that bitcoin is being wielded as a weapon against China, alongside Michael Saylor’s unexpected prediction regarding bitcoin’s price. The bitcoin price has skyrocketed from February lows of $60,000 per bitcoin to nearly $80,000, marking an increase of over 30% and significantly outperforming most other assets, bolstered by President Donald Trump’s selection to head the Federal Reserve, who referred to bitcoin as the “new gold.” As traders prepare for a potential $6.2 trillion bitcoin price shift, the White House’s leading crypto adviser, Patrick Witt, has released a report indicating that the long-anticipated bitcoin and crypto market structure bill may be pushed forward this month. “Go time,” Witt shared on X, referencing a Punchbowl report that disclosed lawmakers have found common ground on the bill and are eyeing a “markup in May.” The likelihood of the market structure bill, referred to as the Clarity Act, being passed this year has surged to nearly 70% on the Polymarket prediction platform, a significant increase from just above 40% last month. The Clarity Act was on the verge of passing in January, but it faced a setback when crypto exchange
Brian Armstrong stated that the bill, in its then-current form, would have been worse than having no legislation at all. The conflict between crypto firms and banks centers on the question of whether stablecoin account providers should be allowed to offer interest on deposits, similar to conventional bank accounts. Banking associations have cautioned that this could jeopardize the stability of the financial system as individuals shift their funds. The proposed compromise entails a ban on rewards that resemble interest, defined as being “economically or functionally equivalent” to deposit interest. However, it permits the use of stablecoin balances for rewards, provided that companies meet the “equivalent” criteria. “Through months of meetings, the White House, the Treasury, the Senate banking committee and senators Thom Tillis and Angela Alsobrooks finally arrived at a compromise,” Faryar Shirzad posted to X. “We safeguarded what is essential—the capacity for Americans to earn rewards, grounded in the actual utilization of crypto platforms and networks. It’s time to get Clarity done.” Armstrong amplified Shirzad’s post, stating: “Mark it up.”
Senate banking committee lawmakers are anticipated to schedule a markup session for the bill, with Galaxy Digital’s head of research forecasting it could occur “imminently, as soon as the week of May 11.” Nonetheless, Thorn cautioned that he anticipates “the banks to increase their opposition efforts.” Bitcoin price bulls have been closely monitoring the crypto market structure bill as a possible bullish catalyst for both the bitcoin price and the broader crypto market for months. This week’s compromise has intensified predictions that a return to a $100,000 bitcoin price could be on the horizon. “This landmark legislation is looking more likely to pass in the first half of 2026 and will unlock the gates for billions in sidelined institutional capital, finally providing a clear path for the wider digital asset space beyond just bitcoin,” said Matt Mena. “With fundamentals and technicals finally aligning, a push past $80,000 looks increasingly imminent.”
Once that level is cleared, the next technical zones to watch are $85,000 to $90,000, with $100,000 becoming a realistic target before the end of the first half of 2026, and all-time highs appear to be back on the table for 2026. In a recent analysis, experts from the prominent financial institution JPMorgan indicated that the enactment of the Clarity Act might catalyze a resurgence in bitcoin prices and the overall cryptocurrency market, potentially extending through 2026. “While sentiment remains negative in crypto markets, we continue to believe that a potential approval of the market structure legislation most likely by mid year could serve as a positive catalyst for crypto markets into the second half of the year,” the analysts led by Nikolaos Panigirtzoglou wrote in a report.