Crypto Stocks on Watch as CLARITY Act Odds Drop
The CLARITY Act bill is facing new hurdles as Democratic Senators say they will not pass it if the ethics provision rule doesn't change to ensure state attorneys general, not the DOJ, enforce these rules.
As a result, the odds of the bill passing before Congress breaks for recess in August are dropping. Analysts are now watching three crypto stocks that could gain from this development: Coinbase (NASDAQ: COIN), Circle (NASDAQ: CRCL), and Strategy (NASDAQ: MSTR).
COIN stock price dropped by 1.78% on July 25 to close trading at $158, but its RSI reading of 46 suggests there is more selling pressure than buying pressure. However, the ADX line that is falling shows the downward trend is weak.
CRCL stock gained by 0.29% on July 24 to close trading at $62, despite other crypto stocks closing lower due to AI spending fears and a bearish outlook in the crypto market. Institutions like ARK Invest continue to purchase Circle shares, with a recent $14 million purchase.