Bitcoin rose 2.8% to $78,400 on Friday, erasing most of its weekly losses after the SEC introduced a tokenization exemption for securities and Congress's Clarity Act failed. Altcoins outpaced the move, with Solana, Cardano and BNB posting the sharpest gains because the exemption benefits other blockchains more directly than Bitcoin.
Bitcoin jumped 2.8% to $78,400 by 9:40 a.m. ET Friday, reversing most of its losses for the week as markets shrugged off the Senate's rejection of the Clarity Act.
Falling oil prices — pulled down partly by signs of improving Saudi Arabian supply — and a drop in Treasury yields following this week's Fed rate hike lifted risk appetite across crypto markets. Dovish signals from the Bank of Japan added to the tailwind, and the world's largest cryptocurrency traded flat for the week after recouping most of its earlier losses.
SEC opens door for tokenized stocks
The U.S. Securities and Exchange Commission (SEC) on Thursday introduced a five-year exemption allowing platforms to offer trading in tokenized stocks and other securities — digital tokens that represent shares and trade chiefly on a blockchain.
SEC Chairman Paul Atkins signaled that the agency will proceed with its own regulatory approvals after the Senate struck down the Clarity Act this week. Analysts, however, argue that only Congress can pass lasting regulation, warning that rules issued without legislation remain vulnerable to political change or legal challenges.
Altcoins outrun Bitcoin
Altcoins outpaced Bitcoin on Friday because the SEC's tokenization exemption stands to benefit other blockchains more directly, and several major altcoin networks already offer tokenized-stock products.
Ether rose 2.7% to $2,509.0, while XRP added 2.71%. Solana rose 6.9% and Cardano rallied over 8%, while BNB jumped 3.9%.
Dogecoin and $TRUMP added 6.1% and 5.7%, respectively.
Source: Investing.com
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