Crypto
Bitcoin Resilience: Price Holds Firm Amid Regulatory Setback and Rising Yields
The US Senate failed to pass the CLARITY Act before its August recess, but Bitcoin price remained stable.
The bill aims to define which regulator oversees digital assets, with Bitcoin and Ethereum likely classified as commodities by the CFTC. However, despite the setback, the bill is not canceled and will resume in September when the Senate returns on September 14th.
BTC price held firm at around $65,200 despite several negative developments last week, including a multimillion-dollar hardware wallet hack by Coldcard and rising government bond yields. This resilience has sparked interest among investors, with spot Bitcoin ETFs seeing inflows of $853 million for the week ending August 7th.