Bitcoin Resilience in Face of Regulatory Setback and Rising Yields
The U.S. Senate's decision to delay the CLARITY Act has not dented Bitcoin's price, which held firm at around $65,200 despite several negative developments last week. The act aims to define which U.S. regulator oversees which digital assets and was expected to pass before the Senate left for its August recess.
The bill would classify Bitcoin and Ethereum as commodities under the CFTC's jurisdiction, while other tokens would fall under the SEC as securities. Despite this setback, Bitcoin gained 3.7% in the same week, showing resilience against market risks.
A major regulatory setback was not the only challenge faced by crypto last week. A multimillion-dollar hardware wallet hack and rising government bond yields also hit the market, but none of these negative factors caused a significant price drop for Bitcoin.