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Friday, August 21, 2026
What’s happening: Bitcoin extended its rally past $74,000 this morning, hitting its highest level since early June.
What happened: The biggest cryptocurrency has been on an uptrend since Monday as US President Donald Trump kept up pressure on Congress to pass the Clarity Act.
Bitcoin prices were also supported by US Treasury Secretary Scott Bessent’s push to double the size of bond buyback operations.
Why it matters: Trump urged Congress to pass the Clarity Act, which has been stalled over certain disputed ethics language. The Act aims at establishing a regulatory framework for digital currencies.
Trump told a White House gathering of crypto executives, including Coinbase’s Brian Armstrong, Ripple’s Brad Garlinghouse and Kraken’s Arjun Sethi, that a “fair version” of the Clarity Act would keep the US ahead of China in digital assets.
The bill, which would clarify which tokens fall under securities or commodities rules, faces a Senate procedural vote on September 15, and needs at least seven Democratic votes to advance.
US spot bitcoin ETFs recorded more than $517 million in net inflows on Wednesday, with fresh institutional demand adding to the rally.
Scott Bessent’s move to at least double long-dated bond buyback operations, from $2 billion to $4 billion per operation, has pulled US Treasury yields lower this week, reducing the opportunity cost of holding non-yielding assets such as bitcoin.
Bitcoin climbed 3.1% to trade at $74,909 this morning, up sharply from Wednesday’s close of $64,994. Ether rose by 1.4% to around $2,349.
What to watch: Investors will monitor further developments on the Clarity Act’s progress through the Senate.
Markets will also track daily US spot bitcoin ETF flow data, updated after each session close, for signs of whether institutional demand can sustain the rally.
Context: The Canadian dollar gained versus the US dollar this morning as investors digested the latest economic data.
Details: Data released on Thursday showed that Canada’s industrial product price index climbed 0.6% in July, following a 1.4% decline in June. The figure was much higher than market estimates of a 0.4% decline.
Canada’s raw materials prices declined 2.2% in July, compared to a 6.9% downturn in the previous month and more than market expectations of a 1.8% decline. Prices for crude energy products dipped 3.6%, falling for third straight month.
Canada’s new housing prices slipped 0.1% in July, matching the pace recorded in the previous month and compared to market estimates of a flat reading.
The US and Canada are discussing a trade deal that is expected to lower tariffs.
Higher prices of crude oil, one of Canada’s major exports, lent support to the loonie. Spot price for WTI crude oil gained over 0.4% to trade at $86.36 per barrel this morning.
Weakness in the US dollar provided a further boost to the Canadian currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.2% to 98.73.
The USD/CAD forex pair fell around 0.2% to 1.3768 this morning.
What to watch: Investors await the release of economic data on Canada’s CFIB business barometer (1530 UAE Time) and retail sales (1630 UAE Time) today. Canada’s CFIB business barometer long-term index, which jumped to 58.3 in July from 50.1 in the previous month, is expected to decline to 56 in August. Analysts expect retail sales in Canada to rise by 3.1% year-over-year in June following a 5.9% gain in May.
Other Markets: European indices closed mostly lower on Thursday, with the DAX 40, CAC 4- and STOXX Europe 600 Index down by 0.42%, 0.57% and 0.12%, respectively, and the FTSE 100 up by 0.04%.
Ukraine’s air force said Russia launched a fresh wave of drones and missiles overnight, while Moscow said its air defences downed dozens of Ukrainian drones. The news sent the USD/RUB pair higher in forex trading this morning.
Japan’s core inflation rate, which excludes fresh food and energy, rose to 1.9% year-on-year in July. This being the highest level in months exerted pressure on the USD/JPY forex pair.
Australia’s S&P Global manufacturing PMI came in unchanged from the previous month at 52.0 in August. This being the strongest level since January lent support to the AUD/USD forex pair.
UK’s GfK consumer confidence index climbed to -14 in August from -17 in the previous month. The region’s consumer confidence surging to the highest level in two years sent the GBP/USD pair higher in forex trading this morning.
New Zealand’s trade deficit widened to NZ$1.94 billion in July from NZ$0.76 billion in the year-ago month. However, the NZD/USD pair rose in forex trading this morning.
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