Bitcoin Cash Slips with Broader Market Amid Regulation and Macro Fears

The Bitcoin Cash (BCH) price dropped by 3.15% over the last 7 hours, mirroring a broader market selloff led by Bitcoin and driven by regulation and macroeconomic factors.

According to data from CoinMarketCap, BCH's short-term move is in line with the timing and magnitude of the broader selloff rather than an isolated event.

The decline occurred while the total crypto market cap fell around 3.9% and the altcoin market cap dropped about 3.2% over the day, suggesting that BCH was not dramatically out of line with other large-cap assets.

The main drivers behind the market-wide selloff are attributed to the US Senate's failure to advance the CLARITY Act, a major digital-asset market structure bill, and rising expectations of a Federal Reserve rate hike.