Bitcoin is hovering around $64,000 as delays in the processing of the U.S. cryptocurrency regulation bill, known as the Clarity Act, limit its upward momentum.
According to CoinMarketCap, a global cryptocurrency market site, Bitcoin was trading at $64,265, down 0.60% from the previous day as of 8 a.m. on August 7.
While there has been continued inflow of funds into spot exchange-traded funds (ETFs) and accumulation by whale investors, a clear direction is lacking due to the delay in the Clarity Act and a slowdown in buying momentum.
The Clarity Act aims to distinguish between securities and commodities in virtual assets and reorganize the supervisory authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Democratic Party in the U.S. has emphasized the need for consensus on key issues such as ethical regulations and anti-money laundering (AML), which has slowed the bill's progress.
The cryptocurrency fear and greed index, which reflects investor sentiment, remains at 25, indicating a state of 'fear' as of today.
Major altcoins are also experiencing declines. At the same time, Solana is up 0.28% at $72.48, while Ethereum has decreased by 0.12% to $1,899.45. Ripple (XRP) is trading at $1.13, down 0.24%.
Meanwhile, on the domestic exchange Bithumb, Bitcoin is trading at approximately 91.26 million won, down 0.63% from the previous day. The so-called 'Kimchi premium,' which indicates the difference between domestic and international prices, is currently at -0.1%.
* This article has been translated by AI.
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