Why Is The Crypto Market Down Today?
The crypto market is trading at $2.21 trillion on Monday, down 0.94% from Sunday's high, still above Friday's close. The main drag is Washington.
Senate leaders now say the CLARITY Act will not clear the floor before the August break.
1. The CLARITY Act Delay Leaves Crypto Without a Rulebook
Senate leader John Thune does not expect a final vote before the August recess, and betting odds on passage fell to about 37% on Friday from above 80% in spring. The bill would set which regulator oversees which coins, so US rules stay resting on executive orders.
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However, a White House deal on ethics had added $63 billion on July 21, making this retreat a real reversal. Meanwhile, the S&P 500 closed Friday in green, so the weakness looks crypto specific.
On the chart, $2.22 trillion has capped every close since July 24, and clearing it opens $2.26 trillion and $2.29 trillion.
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