Bitcoin Reaches Eight-Month High After Clarity Act Loss

Bloomberg Intelligence Senior US Policy Analyst Nathan Dean discusses the Securities and Exchange Commission giving the green light for digital versions of securities to start trading in the US. This plan could reshape traditional market structure after crypto legislation failed a key Senate vote on Tuesday. Also affecting the crypto space, Bitcoin surged past $85,000 to its highest since late-January, extending a sharp rebound as falling oil prices and a broader return of risk appetite helped cryptocurrencies move past setbacks on US crypto legislation and monetary policy. The original cryptocurrency climbed as much as 6.5% to $86,331 in New York trading, almost $10,000 above the lows touched last week after the Clarity Act stalled and the Federal Reserve raised interest rates. Even after that rebound, Bitcoin remains roughly a third below its record last October. Nathan Dean speaks with Bloomberg's Joe Mathieu on Balance of Power. (Source: Bloomberg)