Cryptocurrency Bill 'Stymied' in Senate...Bitcoin (BTC) at $63,500, XRP Threatens $1

▲ Bitcoin (BTC), XRP, Cryptocurrency Regulation/AI Generated Image

The Senate vote on the U.S. cryptocurrency market structure bill is faltering due to quorum and scheduling issues. Bitcoin (BTC) at $63,500 and XRP at $1 have been presented as key defense lines to prevent further declines.

According to Coingape on August 6 (local time), 60 votes are needed for the bill to pass the Senate, but only 44 votes were in favor. 56 votes were against. No motion to end debate was submitted, significantly lowering the possibility of a vote before the Senate recess.

U.S. Senator Cynthia Lummis continues negotiations with Democrats over unresolved ethics provisions. It was also observed that if U.S. Senate Majority Leader John Thune does not expedite the voting process, the bill's passage could be delayed by several months. Regulatory uncertainty and geopolitical tensions surrounding shipping negotiations in the Strait of Hormuz have limited risk appetite in the cryptocurrency market.

XRP has $1.08 as its first resistance level. Analysis suggests that if it breaks this price, it could rise to $1.12 and $1.18. Conversely, if it fails to hold $1, then $0.96 and $0.92 are presented as the next support levels.

If Bitcoin's upward trend continues, it could test $66,000, then $68,500. If it surpasses $68,500, the next target is $70,000. In a downturn, it must defend $63,500, and if this support level breaks, it could fall to $61,800.

ETF fund flows were mixed. Bitcoin ETFs saw a net inflow of $244.42 million in one day, with IBIT leading the inflow at $196.83 million. ARKB received $37.63 million. The total assets of Bitcoin ETFs were $79.21 billion, accounting for 6.09% of Bitcoin's market capitalization. XRP ETFs experienced a net outflow of $3.58 million, and total assets were $993.38 million, representing 1.49% of XRP's market capitalization.

[Article Key Summary]

-The U.S. cryptocurrency market structure bill needed 60 votes to pass the Senate but only garnered 44 votes in favor.

-Bitcoin at $63,500 and XRP at $1 were presented as key support levels that would determine further declines.

-Bitcoin ETFs saw an inflow of $244.42 million, but XRP ETFs experienced an outflow of $3.58 million.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*