Bitcoin (BTC) fell back below $96,000, dropping sharply from a local high of $97,704 as investors’ appetite grew.
The drawdown came amid key regulatory developments in the United States. Notably, the Senate Banking Committee postponed its markup of a crypto market structure bill originally slated for Thursday. Prominent American crypto exchange Coinbase withdrew its support for the draft bill, citing “too many issues.”
Bitcoin Edges Lower As Sweeping Crypto Legislation Hits Roadblock
Crypto slipped lower on Thursday after the Senate Banking Committee’s cancellation of the crypto market structure markup.
Senate Banking Committee Chairman Tim Scott revealed in a late Wednesday statement that the committee was postponing its markup of the crypto bill to continue bipartisan talks to gather support.
“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” Scott posited.
The bill, which was much-anticipated by crypto industry adherents, would define how the Securities and Exchange Commission and the Commodity Futures Trading Commission would govern the fast-growing market.
Bitcoin traded around $95,850, down roughly 0.3% over the last 24 hours, while Ethereum slipped about 1.1% to near $3,281, CoinGecko data shows.
Other major tokens softened across the board, with altcoins underperforming as investors adopted a wait-and-see stance.
Bitcoin’s sudden upsurge this week, which saw it rally from $90,000 to a two-month high, occurred amid global fears centered on Iran and potential U.S. intervention in the nation. U.S.-listed spot BTC exchange-traded funds (ETFs) attracted more than $1.7 billion worth of funds within the first three days of the week, their best inflow streak in recent months.
The delay came after Coinbase, a top crypto lobbyist, said it could not support the Senate’s bill as it is written, with CEO Brian Armstrong claiming it “would be materially worse than the current status quo” and the exchange would rather have “no bill than a bad bill.”
According to Armstrong, the bill enforces a “de facto ban” on tokenized equities, imposes burdensome restrictions on decentralized finance, and grants the government “unlimited access” to financial records, thereby triggering serious privacy risks for consumers.
Source: https://zycrypto.com/bitcoin-falls-back-below-96000-as-us-senate-banking-committee-cancels-crypto-market-structure-markup/
