Bitcoin Surge: BTC surged past that level despite a hot Consumer Price Index (CPI) report (3.5% year-on-year vs. 3.4% expected), suggesting the market is defying traditional inflationary pressures. Macro Environment: While the headline CPI of 3.5% indicates continued inflation, Bitcoin's rise suggests investors are treating it as a risk-on asset amid potential geopolitical de-escalation in the Middle East. Regulation & Policy: The Digital Asset Markets Clarification Act faces significant review in the Senate Banking Committee upon its return from recess. This legislation is key to stablecoin regulation and faces opposition from crypto firms over a ban on passive yield.