Bitcoin Tumbles Below $63K on Coinbase Earnings Miss and Stalled Crypto Bill

Bitcoin's price plummeted below $63,000 on Thursday, reaching a 10-day low following disappointing quarterly results from Coinbase and delays in crypto regulation. The cryptocurrency exchange reported revenue of $1.22 billion for Q2, down 19% year-over-year and missing analyst estimates.

The net loss incurred by Coinbase was $359.5 million, causing its shares to drop significantly. The uncertainty surrounding crypto regulations also played a role in Bitcoin's decline, as the Clarity Act stalled in the Senate due to opposition and recess timing.

Investors are now keeping a close eye on Bitcoin's support level at $60,000, while also monitoring developments in Senate signals on crypto legislation after the August recess. The market is expected to be closely watched for any signs of stability or further decline.