Postponement of Crypto Bill Strains Market: One Altcoin Drops 5.5%, Bitcoin at a Critical Juncture

As regulatory uncertainty prevails in the cryptocurrency market following the US Senate’s postponement of the Clarity Act vote until September, XRP lost 5.5% on a weekly basis and Bitcoin (BTC) struggled to break above the $66,000 resistance.

The cryptocurrency market continues to fluctuate with news of legal regulations coming from the US. The Senate’s decision to postpone the critical Clarity Act vote regarding the oversight of digital assets until after the August recess, specifically to September 14, caused disappointment among investors. In this environment of uncertainty, XRP took the hardest hit among major assets, while the leading cryptocurrency Bitcoin ended the week trading sideways around the $64,300 levels.

Selling pressure in the market was particularly felt in altcoins. XRP retreated to the $1.02 level with a 2% daily decline, while its weekly loss reached 5.5%. Similarly, Solana (SOL) pulled back to the $73 mark with a 1% drop, while Ethereum (ETH) maintained a calm appearance at the $1,897 level. Although net inflows of $626 million into Spot Bitcoin ETFs between August 3rd and 5th helped the price defend the zone between $63,000 and $64,000, it was not enough to break the strong resistance above $66,000.

Bitcoin in the Grip of Macro Data and the Fed

The US jobs report and July inflation data, to be announced next week, are of vital importance for the market’s direction. Although the Federal Reserve (Fed) kept interest rates steady in the 3.50% to 3.75% range at its July meeting, the fact that three officials voted in favor of a hike keeps concerns about tight monetary policy alive.

Employment data coming in above expectations or stubborn inflation figures could support the Fed’s hawkish stance and exert new pressure on the Bitcoin price. If macroeconomic data comes in positive, Bitcoin may test the $66,000 resistance again; otherwise, a pullback toward the $63,000 levels seems likely.