Bitcoin Falters Under Regulatory Uncertainty
The price of Bitcoin has retreated from around $65,000 at the beginning of last week as regulatory uncertainty weighs on market sentiment.
The world's largest cryptocurrency is currently trading at about $63,044, having traded between roughly $62,670 and $63,310 during the session on August 17.
Much of the regulatory focus has been on the Digital Asset Market Clarity Act (CLARITY Act), which aims to establish a clearer regulatory structure for cryptocurrency markets in the US. However, lawmakers have delayed progress on the legislation due to political disagreements and the approaching November midterm elections.
The Senate Majority Leader John Thune has indicated that lawmakers intend to return to the legislation in September, but this may be too late for investors seeking clarity this year.