Bitcoin Plunges Below $63,000 Amid CLARITY Act Delay, US-Iran Negotiations Bring Hope
Bitcoin's price fell below $63,000 last week, marking a sharp drop of over 1% in the past 24 hours. The cryptocurrency temporarily traded at $62,731 before recovering slightly.
The decline is attributed to the delay of the CLARITY Act, which was expected to provide a clear compliance framework for decentralized finance (DeFi) and institutional capital entry. SEC Chairman Paul Atkins and Treasury Secretary Scott Bessent called on the Senate to vote as soon as possible, but no progress has been observed so far.
The bill's delay has created selling pressure on BTC prices, prompting some institutional funds and short-term profit-takers to cash out at highs and move to the sidelines. Bitcoin remains within the range of $58,000 to $67,000, currently touching the midline of this consolidation range.
However, US President Trump's statement that US-Iran negotiations would begin today has sparked hopes for a technical rebound in Bitcoin's price. A breakthrough in these negotiations could ease geopolitical tensions and boost market expectations for future interest rate cuts by the Federal Reserve (Fed), which would be beneficial for cryptocurrencies and tech stocks.