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BTC Slumps Below $63K Amid Fading US Crypto Legislation Momentum

Guavy AI Editorial Team
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BTC
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Bitcoin's price sank below $63,000 on Friday as the momentum behind US crypto legislation began to fade and disappointing earnings from Coinbase Global Inc. and Strategy Inc. weighed on investor sentiment.

Funds are selling into any rally as expectations around the CLARITY Act diminish, according to Joshua Lim, global co-head of markets at FalconX.

Implied volatility on BTC hovers near historic lows, indicating a large supply of overwriting funds that keep the asset range bound.

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