Bitcoin's price has taken a significant hit in recent days, dropping below $74,500 for the first time in four weeks. This decline can be attributed to a combination of regulatory, monetary, and geopolitical risks that have all come to bear on the market at once.
The Digital Asset Market Structure 'CLARITY Act' is one of the key drivers behind this move. The bill, which aimed to bring much-needed clarity to the digital asset market, faces growing delay risk in the US Senate. With only four working weeks left in June and three in July before the August recess, the probability of further slippage has climbed sharply.
Industry observers note that prolonged delays could dampen bullish regulatory expectations, which many investors had built into prices. The crypto market itself is also feeling the effects, with a massive wave of liquidations totaling nearly $1 billion. According to Glassnode data, Bitcoin accounted for the largest share of these liquidations, with $378 million in losses.