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Bitcoin and altcoins both weak... Limited impact in Korea
US coin-related stocks plummet as regulatory expectations dashed
As the US Senate's 'Digital Asset Market Clarity Act' (hereinafter referred to as the Clarity Act) failed to pass, virtual asset (coin) prices collectively showed a downward trend.
According to virtual asset information provider CoinMarketCap on the 16th, as of 3 PM that day, Bitcoin was trading at $75,922.89, down 2.19% from the previous day, and Ethereum at $2,405.60, down 3.62%.
At the same time, top market cap altcoins such as Ripple (XRP·-8.03%), Solana (-4.16%), Dogecoin (-3.88%), Chainlink (-5.37%), Cardano (-4.67%), and Stellar (-9.31%) also showed weakness.
However, in domestic virtual asset exchanges, many altcoins showed strength compared to the previous day, indicating a limited market impact.
On Upbit and Bithumb, the two major won-denominated virtual asset exchanges, Bitcoin's trading price was around 103 million won, showing a 0.78% increase and a 0.12% decrease, respectively, compared to the previous day.
Virtual asset-related stocks listed on the US stock market fell more sharply than coins, attracting attention.
Overnight on the US New York stock exchange, stablecoin issuer Circle fell 11.41%. Coinbase (-10.10%), Strategy (-5.36%), and Robinhood (-3.39%) also showed weakness.
These stocks also showed a decline in after-hours trading.
The weakness of major virtual assets and related stocks today is analyzed to be due to the failure of the US Senate to enact the Clarity Act, which contained a comprehensive regulatory framework for the virtual asset market.
The US Senate held a procedural vote last night to bring the Clarity Act to debate but failed to get the necessary affirmative votes, with 49 in favor and 50 against.
Ahn Kwang-ho, a researcher at Tiger Research, analyzed, "Because the virtual asset market had already partially reflected the possibility of the bill's rejection, there was no immediate major impact on Bitcoin and Ethereum prices."
He added, "On the other hand, US coin-related stocks had been expecting direct benefits from regulatory clarification. As expectations for business expansion were reflected in their stock prices, they moved more significantly than coins."
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