Bitcoin Rally Puts Clarity Act Debate on Edge
OKX Europe sees the rally as the result of capital rotation and growing hopes for U.S. clarity. At the same time, the question remains whether the Clarity Act still offers extra upside or is already priced in.
Key Takeaways
- Bitcoin rose sharply on Wednesday and traded around $72,300 on Thursday morning in Europe.
- OKX Europe CEO Erald Ghoos sees the Clarity Act as a possible boost for crypto enthusiasm and confidence.
- Haider Rafique says a lot of the regulatory optimism is already priced into Bitcoin, while capital is flowing back out of AI and semiconductor stocks.
Bitcoin rose sharply on Wednesday and reached about $72,300 (€62,300) on Thursday morning in Europe, while the market debates whether new U.S. crypto rules are already priced in. According to Erald Ghoos, CEO of OKX Europe, capital flowed back from AI and semiconductor stocks into crypto just as President Trump once again called on Congress to push the Clarity Act through.
Clarity Act Fuels Optimism
Ghoos said that if the Clarity Act is approved, it could, in his view, breathe “new life” into crypto enthusiasm and confidence in the world’s largest economy. He ties that expectation to a broader shift in which more institutional interest, clearer rules in the U.S. and Europe, and a more accessible DeFi market are all coming together.
At the same time, there is skepticism too. Haider Rafique, OKX’s global managing partner, recently said that a lot of the regulatory optimism is already priced into Bitcoin. That fits the broader debate in the crypto market: is the rally mainly a reaction to new policy, or is the market getting ahead of what still has to happen?
MiCA as a European Reference Point
Ghoos often points to regulation as a foundation for growth, not a drag on it. Earlier, he described MiCA in Europe as a kind of regulatory stamp of approval, similar to what the Clarity Act could mean in the U.S. if the law actually makes it through.
That European context matters, because MiCA has already changed the market. According to Ghoos, a large share of crypto exchanges would not survive the stricter requirements, and he pointed to the sharp drop in the number of authorized providers in Europe. For Dutch and European crypto investors, that shows how quickly the market is shifting from fast growth to stricter compliance.
Capital Is Looking for Crypto Again
Besides regulation, capital rotation is also playing a role. Ghoos said money that previously went into AI, semiconductors, and even SpaceX is likely finding its way back into digital assets. He does not see retail traders disappearing, but rather moving with momentum.
That view lines up with the recent cooling in AI stocks and the question of whether interest in Bitcoin could pick up again because of it. For European readers, the key point is that the rally is not just about price, but also about confidence, access, and which markets end up holding on to 2026’s capital.
The recent move also fits into a market where liquidations and fast short squeezes can amplify price action. In an earlier rally, a short squeeze in Bitcoin already triggered billions in forced selling, showing how quickly momentum can flip once the price breaks through important levels.
