Cryptocurrency Bill's Year-End Passage Probability 'Plummets' to 15%...Bitcoin Continues to 'Hold On'

▲ Cryptocurrency Regulation

Bitcoin (BTC) maintained its position above $64,000 despite a sharp drop in the likelihood of the US cryptocurrency market structure bill passing.

According to the cryptocurrency media outlet Bitcoin.com on August 5 (local time), Bitcoin moved between $63,900 and $64,706 during the day. It then maintained a 1.1% gain around $64,600. Its market capitalization approached $1.3 trillion.

Bitcoin recovered to $64,000 after trading sideways between $63,000 and $63,600 the previous day. Although it fell below this price several times during the day, buying pressure came in, leading to a rebound. However, attempts to rise were repeatedly blocked after surpassing $64,400.

Despite a slight increase, a large number of short positions were liquidated. Of the approximately $52 million in liquidated Bitcoin leveraged positions, $45 million were short liquidations. The total liquidation amount in the cryptocurrency market was $216 million, with short positions accounting for $148 million.

In political circles, the possibility of the US cryptocurrency market structure bill passing this year has significantly decreased. The Senate excluded the bill from its August 5 agenda, and Democrats indicated their intention to block a cloture vote. Polymarket users' predicted probability of the bill being enacted this year dropped by 12 percentage points, from 27% on Monday to 15%.

Ryan VanGrack, Vice President of Coinbase, stated that even if the bill is not processed in the current session, it will not be discarded, suggesting September as the next opportunity. US Senator Cynthia Lummis also expressed optimism about the bill's final passage but noted that key negotiations could continue until the weekend.

[Key Article Summary]

-Bitcoin maintained $64,000 and rose by 1.1% despite intraday volatility.

-A total of $216 million was liquidated across the cryptocurrency market, with short liquidations amounting to $148 million.

-Polymarket's probability for the US cryptocurrency market structure bill passing this year dropped from 27% to 15%.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*