Bitcoin's price fell into the $65,000 range. Investor sentiment appears to have weakened on concerns about the Middle East war widening and delays in handling the U.S. digital asset bill, the CLARITY Act.
As of 8:24 a.m. on the 24th, Bitcoin was trading at $65,133, down 1.22% from 24 hours earlier, according to CoinMarketCap, a global virtual asset market tracker. Bitcoin climbed to $66,754 around 11:40 a.m. on the 21st but then continued to fall, dropping into the $64,000 range at 1:40 a.m. that day. It then pared some losses and recovered the $65,000 level.
At the same time, major virtual assets were broadly weaker. Ethereum, the No. 2 by market capitalization, was down 2.38% to $1,882. Binance Coin fell 0.35% to $567.74, and Ripple dropped 2.45% to $1.10. Solana was also down 1.87% to $76.15.
Soaring international oil prices amid rising tensions between the United States and Iran also weighed on the virtual asset market. On the 23rd (local time), September Brent crude on the ICE Futures exchange settled at $100.69 per barrel, up 7.04% from the previous session, topping $100 for the first time in two months. The market also sees a possibility that Bitcoin could fall further if the U.S. Federal Reserve (Fed) raises the benchmark rate on the 28th.
Delays in handling the CLARITY Act, a digital asset market structure bill, are also cited as a factor dampening investor sentiment. The industry had expected the bill to pass in early August, but on the 24th, CoinDesk said Senate Republican Whip John Thune projected it was unlikely to pass by Aug. 7, when Congress begins its long summer recess.