Bitcoin (CRYPTO: BTC) was trading flat despite an earnings-driven selloff that erased roughly $800 billion from the U.S. stock market. It offers an early sign that the cryptocurrency may be becoming more resilient to weakness in technology shares.
AI Capex Dent Tech Profits
“Wolf Of All Streets” host Scott Melker highlighted on Friday that the cryptocurrency remained positive on a weekly basis despite the Magnificent Seven technology stocks suffering their worst session since April 2025 following earnings reports from Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Tesla Inc. (NASDAQ:TSLA).
The equity selloff was driven partly by concerns over rapidly rising AI capital expenditures and whether large technology companies can generate sufficient returns on those investments.
In previous risk-off episodes, a selloff of this scale could have pushed Bitcoin sharply below $60,000. Its ability to remain in the mid-$60,000 range may therefore be constructive, according to Melker, as renewed Spot ETF flows cushion the prices.
"Maybe nothing happening is potentially good news here for the market for once," Melker said on The Wolf of All Streets.
BTC briefly touched $66,000 in yesterday’s trading session before pulling back to around $65,000, where it held for the remainder of the day.
Why A Delay Matters
Senate Majority Leader John Thune reportedly indicated that the CLARITY Act may not be completed before the summer recess. Senator Elizabeth Warren (D-MA) went further on X, calling the bill "dead on arrival" and saying it does nothing to stop President Donald Trump from profiting further from crypto.
Trump earned more than $1.4 billion in 2025 from crypto-related ventures.
Prediction-market odds of passage before Oct. 1 have consequently fallen to around 20%, after previously trading near 41%.
Supporters argue that failure to pass the bill this year could leave the industry exposed to another lengthy period of regulatory uncertainty.
The political environment may become even more challenging after the midterm elections, particularly if control of either chamber of Congress changes hands.
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