Bitcoin Hits 38% Loss Milestone, But May Have Finally Found Bottom

The price of Bitcoin has dropped by 38% from its all-time high last October, but recent developments suggest that it may have finally hit a bottom.

A key piece of new crypto legislation, the Digital Asset Market Clarity Act, has received support from the White House, which is changing investors' views on Bitcoin.

The investment thesis of Bitcoin as 'digital gold' is also returning, as its correlation with gold increases. This is due in part to the $40 trillion U.S. debt load and related questions about the overall health of the U.S. economy.

BTC investors have taken a beating over the past 11 months, but momentum appears to be building for the final passage of the Clarity Act.