Bitcoin Tops $63,000 as U.S. Policy Uncertainty and Global Crypto Moves Converge

Bitcoin (BTC) pushed above the closely watched $63,000 level on Tuesday UTC, as traders weighed a cluster of political and regulatory headlines ranging from a Senate probe request tied to President Trump’s family to shifting global policy on digital currencies and cryptography.

According to market data cited by Odaily, Bitcoin was trading at $63,008.90 on OKX at the time of reporting, up 0.83% on the day. Market participants have increasingly treated major round-number levels as near-term inflection points for risk appetite, particularly as macro and policy news continue to dictate short-term positioning across crypto assets.

In Washington, Senate Democrats called on Republican leadership to convene an immediate hearing to examine potential links between World Liberty Financial—an alleged DeFi and stablecoin venture associated with President Trump’s family—and members of Abu Dhabi’s royal circle. The request follows a Wall Street Journal report claiming that an investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired a 49% stake in World Liberty Financial.

The report said the alleged agreement was signed by Eric Trump four days before President Trump’s January 2025 inauguration, and placed the total value of the transaction at $500 million. It also alleged that half of the funds were paid upfront, with roughly $187 million flowing to an entity controlled by the Trump family and at least $31 million routed to entities linked to World Liberty co-founder Steve Witkoff’s family. President Trump’s side said they were unaware of the purported $500 million investment and did not directly participate in World Liberty Financial’s day-to-day operations. Democrats argue the matter raises potential 'conflicts of interest' involving foreign capital, diplomatic roles, and the business interests of a sitting president’s family, and are urging a swift investigation in a Senate still led by Republicans.

Separately, a key Republican tax architect in the Senate suggested that a crypto tax legislation framework could be unveiled as soon as this fall. Senator Steve Daines, described as a drafter of the GOP’s tax proposal, said the Senate framework is largely complete and shares more similarities than differences with an earlier plan released by the House Ways and Means Committee, though he did not disclose specific provisions. The timeline hints at a renewed push to reduce uncertainty around reporting and compliance, an issue that has remained a persistent friction point for U.S.-based exchanges, brokers, and DeFi users.

In China, policymakers moved toward formalizing the legal foundation of the digital yuan. Caixin, cited by PANews, reported that draft amendments to the People’s Bank of China Law were submitted for first review on Monday UTC at the 23rd meeting of the Standing Committee of the 14th National People’s Congress. The new draft reportedly adds explicit language on 'clarifying the legal status of the digital yuan,' going beyond a 2020 consultation draft that merely stated the renminbi includes both physical and digital forms.

The earlier consultation draft also proposed restrictions targeting private issuance of tokenized substitutes for the renminbi, with enforcement powers allowing authorities to halt issuance, confiscate illegal proceeds, and impose fines of up to five times the amount involved. The legislative refresh underscores Beijing’s continued preference for state-led digital currency infrastructure while tightening the perimeter around competing privately issued payment tokens.

President Trump also signed two executive orders aimed at strengthening U.S. quantum computing capabilities and accelerating the transition of government systems to 'post-quantum cryptography'—security standards designed to withstand advanced cryptographic attacks. Odaily reported that the U.S. government plans to develop quantum sensors by September 2028, while federal high-value assets and high-impact systems would be required to shift to post-quantum cryptographic schemes by the end of 2031.

Alex Pruden, CEO of Project Eleven, said the orders signal the government’s willingness to allocate funding and time to meet post-quantum objectives, and suggested requirements could extend broadly across federal contractors. While the orders did not mention Bitcoin directly, industry observers see potential knock-on effects for blockchain security research. The Ethereum Foundation and Solana Foundation have previously supported post-quantum security exploration, amid longstanding concerns that some public-facing Bitcoin addresses could, in a future scenario involving sufficiently powerful quantum machines, become more vulnerable to private key inference.

On the corporate adoption front, Korea’s KG Group said its fintech affiliate KG Financial has signed a memorandum of understanding with Solana Foundation to jointly develop Web3-based digital asset payment infrastructure, according to PANews. The parties have been discussing digital-asset payment methods since April and have completed a proof-of-concept covering stablecoin issuance and real-world payment services, concluding that the concept is technically and commercially feasible.

KG Group plans to leverage payment processor KG Inicis’ infrastructure and a network of roughly 220,000 merchants to pursue stablecoin payment commercialization. The collaboration will focus on developing stablecoin payment and settlement systems, validating digital payment services, and integrating with existing payment rails. Solana said on X that KG Inicis intends to introduce Solana-based stablecoin payments and may later roll out a token-based merchant rewards program.

Security incidents also remained in focus. Cardano ecosystem project SecondFi said it identified the source of a recent breach as its proprietary native Cardano web wallet creation software. SecondFi estimated initial losses at about 16 million ADA—roughly $2.42 million—and said the platform is operating in security maintenance mode while completing balance snapshots, on-chain analysis, and additional technical reviews with a blockchain security firm. The project said it plans to compensate affected users and is coordinating with ecosystem partners including IOG, the Cardano Foundation, IntersectMBO, and SundaeSwap to monitor exchange-related fund flows and limit broader contagion risks.

Meanwhile, an older contract associated with a Polygon-based project named Royalties was exploited for an estimated $261,200 loss, PANews reported, citing TenArmorAlert. TenArmor said its monitoring systems were used to detect the on-chain attack early and support automated responses, and published the transaction hash linked to the exploit.

Large on-chain transfers added another layer of near-term uncertainty. Whale Alert reported that 58,261 Ethereum (ETH) moved from Kraken to an unidentified wallet on Monday ET, a transfer valued at about $96.6 million. In a separate alert, 1,044 Bitcoin was transferred from an anonymous wallet to Coinbase Institutional—worth roughly $65.2 million—moves that can be interpreted as possible positioning for custody or sale, though no confirmed selling activity was reported.

With Bitcoin hovering above a key psychological threshold, investors are balancing 'regulatory risk,' adoption signals in payments, and renewed focus on cybersecurity—including the longer-dated question of quantum-era resilience. The immediate direction may hinge on whether policy developments in the U.S. translate into concrete hearings and legislation, and whether risk markets treat the latest price break as a durable move or another fleeting test of resistance.