Bitcoin fell below $63,000 on July 31, reaching its lowest level in roughly 10 days. Coinbase reported second-quarter revenue of $1.22 billion, down 19% year over year and missing analyst estimates, with a net loss of $359.5 million. Coinbase shares dropped between 7% and 14% in after-hours trading on July 30. The Clarity Act, designed to establish clear jurisdictional lines between the SEC and the CFTC over digital assets, stalled in the Senate due to state-level opposition and tight time constraints before the August recess. Strategy Inc., formerly MicroStrategy and holder of one of the largest corporate Bitcoin treasuries in the world, also reported disappointing results, adding to the negative market sentiment.
Source: Read the original article
