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Bitcoin fell below $65,000 on Thursday after stronger-than-expected U.S. jobless claims data reinforced concerns that the Federal Reserve could keep interest rates elevated.

Bitcoin price rejected near $65,000

According to data from crypto.news, Bitcoin (BTC) price traded at $64,384.27 at press time, marking a 0.69% decline over the previous 24 hours. The pullback followed another unsuccessful attempt to break through the $64,800–$65,000 resistance zone.

BTC had recovered from approximately $62,400 earlier in the week and briefly tested the upper end of its recent range. However, buyers failed to secure a daily close above $65,000, allowing sellers to regain control near the psychological level.

The rejection pushed Bitcoin toward $64,000, which has emerged as its nearest short-term support. Holding that level would keep the latest recovery structure intact, while a sustained break below it could expose the lower part of the range.

Bitcoin has remained sensitive to U.S. economic releases because stronger data can reduce expectations for monetary easing. Higher interest rates generally make yield-bearing assets more attractive relative to risk assets such as cryptocurrencies.

US jobless claims beat expectations

The latest labor data showed that seasonally adjusted initial unemployment claims reached 199,000 during the week ending Aug. 1, according to the U.S. Department of Labor.

Claims increased by 1,000 from the previous week’s revised reading of 198,000 but remained below the 204,000 expected by economists. The lower-than-forecast figure pointed to continued resilience in the U.S. labor market.

The four-week moving average fell to 198,750, down 4,500 from the revised average of 203,250 recorded a week earlier. This measure helps smooth weekly volatility and provides a clearer view of the underlying trend.

Continuing claims rose by 24,000 to 1.801 million for the week ending July 25. Meanwhile, the insured unemployment rate remained unchanged at 1.2%.

Taken together, the figures showed that layoffs remained limited, although the increase in continuing claims suggested that some unemployed workers were taking longer to find new positions.

Fed expectations weigh on Bitcoin

A resilient labor market could give the Federal Reserve more room to maintain restrictive monetary policy or consider further rate increases if inflation remains elevated.

That possibility matters for U.S. crypto investors because expectations for higher rates can lift Treasury yields and strengthen the dollar. Both developments can reduce demand for non-yielding and higher-risk assets, including Bitcoin.

However, weekly unemployment claims represent only one part of the Fed’s policy outlook. Officials will also consider inflation, payroll growth, wages and consumer spending before making their next decision.

Bitcoin’s decline following the claims release therefore reflects shifting rate expectations rather than a confirmed change in Federal Reserve policy. Upcoming economic data could quickly alter the market’s interpretation.

Bitcoin must reclaim $65,000

Bitcoin now needs to close above the $64,800–$65,000 area to confirm renewed upward momentum. A successful breakout could allow buyers to extend the recovery that began near $62,400.

Until then, the repeated rejection leaves BTC trading within a defined range. The $64,000 level provides immediate support, followed by the recent swing low near $62,400 if selling pressure increases.

Traders will watch upcoming U.S. inflation and employment releases for further clues about the Fed’s path. A softer set of economic figures could revive expectations for lower rates, while continued labor market strength may keep Bitcoin’s recovery capped below $65,000.

Two groups affiliated with the cryptocurrency company-backed political action committee (PAC) Fairshake disclosed spending more than $1.5 million on media to support House of Representatives and Senate candidates in Florida, Alaska and Wyoming after suffering a primary loss in Michigan on Tuesday. 

According to Federal Election Commission (FEC) filings as of Thursday, Fairshake PAC affiliates Defend American Jobs and Protect Progress spent a combined $1.5 million on ads for Republican and Democratic candidates, many of whom voted in favor of the Digital Asset Market Clarity (CLARITY) Act while serving in Congress. 

In Alaska’s at-large congressional district, scheduled to hold a primary on Aug. 18, Defend American Jobs spent more than $500,000 on media supporting the re-election of Representative Nick Begich. The Super PAC spent about the same amount on Republican candidate Sydney Gruters in Florida’s 16th district, and Representative Harriet Hageman, running for the soon-to-be-vacant Wyoming Senate seat now occupied by Cynthia Lummis. Both US states will also hold primaries on Aug. 18.

The reported expenditures follow a primary loss for a Protect Progress-supported candidate in Michigan’s 13th Congressional District. On Tuesday, Democratic incumbent Shri Thanedar lost a primary to State Representative Donavan McKinney after the Super PAC poured more than $2 million into media supporting the former. The final day of Thanedar’s current term in Congress will be in January 2027.

Related: US Senate will vote on CLARITY crypto bill ‘without any question’ this week: Tim Scott

On the Democratic side, Protect Progress reported spending more than $50,000 for the re-election of Lois Frankel in Florida’s 23rd district. Frankel, Begich and Hageman all voted in favor of the GENIUS Act and CLARITY Act while serving in Congress, while Gruters did not appear to have made any public statements on crypto or blockchain, with the exception of saying she supported the crypto market structure bill in a questionnaire conducted by the advocacy organization Stand With Crypto.

The expenditures were the latest examples of Fairshake and cryptocurrency industry-aligned groups attempting to influence US elections through media. The Super PAC reported spending more than $170 million in the 2024 US election cycle on House and Senate races, potentially changing the makeup of the current Congress.

CLARITY votes to influence 2026 midterms?

While it was still uncertain as of Thursday whether the US Senate would hold a vote on the CLARITY Act before the chamber broke for a month-long recess, how lawmakers cast their ballots could affect whether the crypto industry actively supports or opposes their re-election bids. All 435 House seats are up for grabs in 2026, as are 33 seats in the US Senate.

In January, Stand With Crypto said that its “primary goal” in 2026 was getting crypto market structure legislation through Congress. The organization’s community director, Mason Lynaugh, told Cointelegraph in November that how lawmakers vote on the bill could impact their re-election chances. Stand With Crypto rates political candidates on a scale of “strongly supports crypto” to “strongly against crypto” depending on their voting records and public statements, which may be used by PACs and organizations deciding where to allocate funds.

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What does it mean to be held in contempt of Congress?

What comes next after the Senate committee vote?

According to the complaint, Allman appointed herself to the board, adopted an interim policy allowing ordinary business operations to continue, reaffirmed De Bode as president and requested basic corporate information, including a shareholder list, while expressing a desire to work collaboratively.

The estate said those efforts failed after De Bode and the company’s outside counsel refused to recognize her actions or provide the requested corporate records. Kathleen Allman subsequently expanded the board, appointed new directors and, at a July 24 board meeting, voted to remove De Bode from all company positions while appointing herself chair and interim CEO.

The filings characterize Kathleen Allman’s leadership as transitional rather than permanent, arguing that her objective is to stabilize governance while the board searches for Nathan Allman’s long-term successor and ensure the business continues operating without interruption.

The estate is seeking an expedited ruling because uncertainty over who controls the company could affect contracts, expenditures, equity issuances and other corporate decisions, the filings said.

The court has not ruled on the allegations, and the filings reflect only the estate’s version of events.

The Ondo Board of Directors said in a separate emailed statement that it “remains committed to our founder Nate Allman’s belief that onchain markets are the future of finance. We are focused on serving our community without interruption, and empowering our people to maintain our momentum, as we search for his successor.”

Fairshake-affiliated political action committee groups have reported fresh ad spending aimed at congressional races in several states after a loss in Michigan earlier this week, according to Federal Election Commission (FEC) filings.

As of Thursday, Defend American Jobs and Protect Progress—two Fairshake-connected entities—disclosed more than $1.5 million combined on media advertising supporting candidates in Florida, Alaska, and Wyoming. The spending comes shortly after Protect Progress suffered a primary setback in Michigan’s 13th district, following more than $2 million in earlier advertising for the candidate who ultimately lost.

Key takeaways

• Fairshake PAC affiliates Defend American Jobs and Protect Progress reported spending over $1.5 million on election ads in Florida, Alaska, and Wyoming, per FEC filings.
• Alaska’s at-large district: Defend American Jobs spent more than $500,000 supporting Rep. Nick Begich ahead of a primary scheduled for Aug. 18.
• Florida and Wyoming races were also targeted, including spending for Republican candidates running in primaries set for Aug. 18.
• The new ad activity follows a Michigan primary loss for a Protect Progress-supported candidate, after the group spent more than $2 million earlier.
• The spending underscores ongoing efforts by Fairshake and crypto-aligned groups to influence U.S. politics around proposed market-structure legislation.

Fairshake affiliates pivot to other primaries

Federal Election Commission disclosures show that Fairshake-linked entities Defend American Jobs and Protect Progress—cited in the FEC records as PAC affiliates—spent a combined $1.5 million on ads backing both Republican and Democratic candidates.

In Alaska’s at-large congressional district, Defend American Jobs spent more than $500,000 on media supporting the re-election of Representative Nick Begich. The filings also show roughly similar levels of advertising for GOP candidate Sydney Gruters in Florida’s 16th district and for Representative Harriet Hageman, who is running for a Wyoming Senate seat expected to be vacated by Cynthia Lummis.

Florida’s 16th district, Alaska’s at-large contest, and the Wyoming Senate race all face primaries scheduled for Aug. 18, according to the reporting described in the article.

Michigan loss highlights the stakes for crypto-backed advocacy

The new expenditures follow a primary loss in Michigan’s 13th Congressional District. Earlier this week, Democratic incumbent Shri Thanedar lost a primary to State Representative Donavan McKinney after Protect Progress had spent more than $2 million on media supporting Thanedar, the earlier coverage cited in the article notes. Thanedar’s current term ends in January 2027.

For crypto-aligned PAC operations, the contrast between large ad buys and outcomes in primaries is a reminder that political advertising is not a guaranteed lever—even for well-funded groups. The Michigan result also illustrates how quickly spending strategies can shift once a race turns unexpectedly.

Who received support—and how voting records factor in

On the Democratic side, Protect Progress reported spending more than $50,000 on media supporting Lois Frankel’s re-election in Florida’s 23rd district. The article states that Frankel, Begich, and Hageman all voted in favor of the GENIUS Act and CLARITY Act while serving in Congress.

By contrast, the filings discussed for Sydney Gruters did not indicate public crypto-related positions beyond participation in a questionnaire process overseen by the advocacy organization Stand With Crypto. According to the article, Gruters stated in that questionnaire that she supports the crypto market structure bill.

That distinction—between candidates with clear legislative voting records on one hand and candidates whose support is supported primarily by advocacy questionnaires on the other—helps explain why crypto-aligned groups may tailor messaging and funding even when the broader policy objective is the same.

Campaign spending ramps up around market-structure bills

The reported expenditures fit into a broader pattern of election-focused activity by Fairshake and groups aligned with the cryptocurrency industry. The article notes that in the 2024 election cycle, Fairshake-related spending reached more than $170 million across House and Senate races, potentially influencing the composition of the current Congress.

Just as importantly, the article frames these ad buys in the context of crypto market-structure legislation—particularly the Digital Asset Market Clarity (CLARITY) Act—whose future congressional action could shape how industry groups approach the 2026 midterms.

While it was unclear as of Thursday whether the U.S. Senate would vote on the CLARITY Act before a month-long recess, the way lawmakers cast votes on the bill could determine whether crypto-aligned organizations actively back or oppose particular candidates ahead of re-election contests.

The article also points to earlier outreach from Stand With Crypto in which it described a “primary goal” for 2026: advancing crypto market structure legislation. It further notes that Stand With Crypto rates political candidates based on their record of support or opposition, using public statements and voting history—information that PACs and allied groups may rely on when deciding where to allocate resources.

What to watch next in U.S. crypto politics

With primaries on Aug. 18 and the CLARITY Act’s potential Senate vote still uncertain, investors and builders in the crypto space may want to track not only which candidates are winning races, but also how congressional voting records and public commitments evolve—since those signals may influence how aggressively Fairshake-linked groups and crypto-aligned organizations deploy funding into the 2026 election cycle.