Bitcoin's price continued its upward trajectory this week, briefly surpassing the $72,300 mark during European trading hours, fueled by expectations surrounding US digital asset regulatory legislation and a resurgence of capital inflows.
This latest surge has ignited a discussion among market participants about whether the positive sentiment surrounding the Digital Asset Market Clarity Act has already been factored into current valuations.
In an interview, Erald Ghoos, CEO of cryptocurrency exchange OKX Europe, observed that capital previously allocated to the artificial intelligence and semiconductor sectors is beginning to rotate back into digital assets, suggesting the market may be approaching its floor.
He noted that if the Clarity Act is ultimately passed, it would inject renewed vitality and market confidence into the crypto industry within the world's largest economy, subsequently lifting global market sentiment.
Ghoos emphasized that the progressive clarification of regulatory frameworks in both the US and Europe, coupled with enhanced accessibility to decentralized finance, is laying the groundwork for genuine mass adoption.
Contrasting this perspective, Haider Rafique, Global Managing Partner at OKX, recently stated that markets tend to digest news in advance, implying that the majority of benefits stemming from the bill's passage are already reflected in current prices.
Ghoos, however, maintains that regardless of the pace of US legislative progress, the market bottom has already formed, with funds previously exiting the crypto space now making their way back.
On the regulatory front, Ghoos has long advocated that regulations serve as a foundational pillar for industry growth rather than an impediment.
Under the European Union's Markets in Crypto-Assets Regulation framework, he previously forecast that 80% of cryptocurrency exchanges would fail to meet compliance requirements due to the substantial costs associated with establishing a multi-license operational structure.
Statistics indicate that prior to MiCA's implementation, Europe registered over 3,000 virtual asset service providers, yet by the end of June, only approximately 244 companies had secured authorization.
Meanwhile, data reveals that AI-related storage and semiconductor sectors, which had dominated market leadership in 2026, are now showing signs of weakness.
Additionally, retail trading activity in South Korea has witnessed a significant decline, with transaction volumes on both Upbit and Bithumb dropping by approximately 50%.
Ghoos commented on this trend, suggesting that retail traders have not exited the market entirely but are instead shifting direction in response to momentum changes.
In the European market, following Binance's cessation of services due to its failure to obtain a MiCA license, OKX experienced a 160% surge in app downloads across the EU within just 12 days.
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