Bitcoin Price Slides as Clarity Act Stalls and US Demand Fades
The price of Bitcoin wavered after the U.S. Senate failed to advance the Clarity Act, a bill that aimed to clarify cryptocurrency tax treatment.
The Coinbase premium, which measures the gap between BTC/USDT prices on Coinbase and Binance, fell to -0.079 on September 15, its lowest level in a month.
This decline came shortly after the Senate's failure to put the Clarity Act back on the agenda for discussion, indicating weakened U.S. investor sentiment and downward pressure on Bitcoin prices.
On-chain analyst Willy Woo pointed out that supply-and-demand differences across exchanges diverged around September 11, with Binance's cumulative volume delta rising while Coinbase's fell.
This flow was seen as a bullish signal by Woo, who noted that short-term holders were sending significant amounts of Bitcoin to exchanges at prices lower than their last on-chain movement, indicating increased anxiety among investors.