BTC Loses Catalyst as Senate Rejects Clarity Act
The Grayscale Bitcoin Mini Trust (BTC) has lost its catalyst after the US Senate failed to pass the Digital Asset Market Clarity Act, which would have provided regulatory clarity for digital assets. Despite this setback, BTC remains a popular choice among investors due to its low cost and high liquidity.
With a fee of 0.15% and $4.9 billion in assets under management, BTC offers a more attractive combination of price and liquidity compared to MSBT, which charges one basis point less but is significantly less liquid. The fund holds around 62,900 bitcoins today, representing a 30% increase over the past nine months.
The failure of the Clarity Act has had little impact on Bitcoin's price, with some analysts suggesting that investors are buying the 'wrapper' rather than the underlying asset. A confirmed break above $82,000 could lead to further gains, potentially reaching as high as $94,000, while a failed bounce below this level puts $73,000 back in play.