Bitcoin drops as South Korean stocks tumble, Senate shelves crypto Clarity Act
BTC shed 2% as South Korea’s Kospi plunged 11% and the U.S. Senate shelved the Clarity Act, leaving the market facing a pivotal Fed decision on Wednesday.
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Summary
- Bitcoin fell around 2% during the U.S. overnight session as South Korea’s Kospi stock index plunged 11%, one of its worst single-day declines in years
- The slide rattled global risk assets, hitting AI and layer-1 tokens hardest, with FET, NEAR and HYPE losing as much as 10% over 24 hours.
- The U.S. Senate shelved the Crypto Clarity Act to prioritize a Russia sanctions bill and federal nominations, leaving just two weeks of floor time before the Aug. 8 recess begins and a key unresolved dispute over restrictions on government officials’ crypto holdings.
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
