Bitcoin BTC$62,998.77 is under pressure again while XRP (XRP) teeters near $1 amid a cluster of unfriendly developments over the past 24 hours:
- Regulatory setbacks are leading the charge:
- Bitcoin ETFs are seeing outflows again:
- Rising cost of capital also poses a headwind:
- Some observers remain optimistic about year-end price rally:
Regulatory setbacks are leading the charge, as progress on the Clarity Act has stalled in the Senate, and the U.S. Securities and Exchange Commission (SEC) is reportedly set to further delay its long-anticipated "innovation exemption." This rule is meant to make it easier to trade tokenized securities on blockchain networks under current securities laws.
Meanwhile, MSCI, one of the world’s largest index providers, has opened a consultation proposing to remove non-operating companies from its equity indices.
Fund flows aren't helping either, with U.S.-listed bitcoin ETFs shedding $333 million in net outflows so far this week.
Adding to the pressure are Treasury notes, which underpin global finance, with a recent auction of the U.S. 30-year note drawing yields as high as 5.22%.
Taken together, stalled legislation, weak ETF demand, and climbing yields suggest little room for an outright rally in cryptocurrencies, leaving majors such as XRP fragile.
Observers continue to watch the broader market picture, anticipating a strong rally in the final months of the year.
