CLARITY Act Delay and Middle East Tensions Weigh on Bitcoin Price
Bitcoin's price has dropped to around $64,891 due to uncertainty surrounding the CLARITY Act in the US. The bill aims to provide a clear regulatory framework for the digital asset market, but its progress is being hindered by disagreements over an ethics provision.
The provision would prohibit federal officials from profiting from digital assets during their tenure, which has sparked opposition from some Democrats.
As a result, the passage of the bill is now uncertain, with Senator John Thune stating that it will be difficult to pass before Congress's summer recess in August.
The CLARITY Act's delay, combined with escalating tensions between the US and Iran, has contributed to a decline in investor sentiment. The 'kimchi premium', which measures the difference in Bitcoin prices on South Korean exchanges compared to overseas markets, stood at -0.54% on July 24.