Bitcoin touches one-month high on CLARITY Act optimism; Kazakhstan central bank to invest in crypto

Bitcoin briefly touched a one-month high of $74,000 last week, supported by renewed optimism around potential US crypto market regulation, according to the latest market commentary from Simon Peters, Crypto Analyst at eToro.

Despite the temporary rally, the leading cryptocurrency ended the week roughly where it started, while major altcoins including Ethereum, BNB and Solana also recorded modest gains earlier in the week before retracing.

Commenting on the market movements, Peters said speculation around progress on the proposed CLARITY Act helped lift sentiment across crypto markets.

“Prices were boosted earlier in the week following reports of a private meeting between Coinbase CEO Brian Armstrong and President Donald Trump regarding the CLARITY Act,” Peters said.

President Trump also publicly weighed in on the issue via Truth Social, criticising banks and urging progress on US crypto market structure legislation. In his comments, Trump said the US needs to “get Market Structure done” and that policymakers should “make a good deal with the Crypto Industry.”

However, the proposed legislation has faced resistance from the banking sector. Banks have argued that allowing stablecoins to offer yields could encourage depositors to move funds away from traditional bank accounts, potentially creating liquidity pressures and broader instability within the financial system.

Crypto firms, on the other hand, argue that restricting yields on stablecoins would stifle innovation and weaken the competitiveness of the US digital asset industry, while protecting the interests of traditional financial institutions.

Although the CLARITY Act appears to have support from the President and the White House, the final decision will rest with lawmakers in the Senate Banking Committee, who must debate and vote on the bill before it can progress.

Looking ahead, investors are closely watching upcoming US inflation data releases, including CPI and PCE figures, which could influence the Federal Reserve’s interest rate decision at its next policy meeting on March 18.

“At the same time, escalating tensions in the Middle East are raising concerns about rising oil prices and their potential impact on global inflation, which could also spill over into crypto markets,” Peters added.

Biggest movers

Chiliz (CHZ) was among the strongest performers over the past week, rising 11%, including a 6% gain in the last 24 hours.

The move followed Chiliz announcing that it will buy back and burn CHZ tokens for the first time since its launch in 2018. The initiative will be funded using 10% of revenue generated from fan token sales.

Chiliz is the company behind Socios.com, a blockchain-based sports fan engagement and rewards platform. Built on Chiliz blockchain technology, CHZ serves as the platform’s exclusive on-platform currency.

Eye-catching story

Kazakhstan central bank to invest in crypto

The National Bank of Kazakhstan has announced plans to add cryptoassets to its national reserves, marking a notable step by a central bank toward direct exposure to digital assets.

According to reports, the central bank has allocated $350 million from its gold and foreign exchange reserves for an initial investment. An additional $350 million from the National Fund — the country’s sovereign wealth fund — is expected to be allocated later this month.

Aliya Moldabekova, Deputy Governor of the National Bank of Kazakhstan, said the investments are expected to begin in April or May.

In addition to direct cryptoasset exposure, the central bank plans to invest in high-tech companies linked to digital assets, index funds, and other instruments that exhibit similar performance dynamics to cryptocurrencies.

As of February 1, the National Bank of Kazakhstan’s gold and foreign exchange reserves stood at $69.40 billion, while the National Fund held assets valued at $65.23 billion.