Bitcoin Plunges Below $59k Amid CBDC Ban Bill Progress

Bitcoin's price has slipped below $59,000 as risk appetite in the crypto market waned. This decline came amidst a broader tone of caution, with several large transfers of stablecoins and BTC between major venues and unidentified wallets being flagged by on-chain trackers.

The transfers, which often attract attention as potential indicators of shifting 'liquidity' and positioning, included 191.1 million USDC moved from Aave to an unidentified whale wallet, valued at about $190 million, and 100 million USDC transferred from Ethena to an unknown wallet.

On the policy front, a housing-related bill containing a temporary restriction on central bank digital currency (CBDC) development through 2030 is expected to be signed into law by President Trump. The provision would effectively put guardrails on U.S. CBDC development for the remainder of the decade.