by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is trading at $2.21 trillion on Monday, down 0.94% from Sunday’s high, still above Friday’s close.
  • Senate leaders now say the CLARITY Act will not clear the floor before the August break.
  • The bill would set which regulator oversees which coins, so US rules stay resting on executive orders.
  • Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

What Happened

Senate leaders now say the CLARITY Act will not clear the floor before the August break.

1. The CLARITY Act Delay Leaves Crypto Without a Rulebook

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Market Context

The crypto market is trading at $2.21 trillion on Monday, down 0.94% from Sunday’s high, still above Friday’s close. The main drag is Washington.

On the chart, $2.22 trillion has capped every close since July 24, and clearing it opens $2.26 trillion and $2.29 trillion.

However, sell volume has thinned since July 17, a sign buyers are absorbing supply, not fleeing. XMR must first hold $349, then $362 breaks the handle, $369 breaks the neckline and $376 confirms it, with $391 and $435 in view. So $349 separates a 27% breakout from a slide toward the $298 base.

Volume Story: Sell volume falling since July 17.

The post Why Is The Crypto Market Down Today? appeared first on BeInCrypto.

Why It Matters

Senate leader John Thune does not expect a final vote before the August recess, and betting odds on passage fell to about 37% on Friday from above 80% in spring. The bill would set which regulator oversees which coins, so US rules stay resting on executive orders.

As a result, total net assets fell to $77.82 billion from $80.94 billion. Institutions rarely add risk at a month end when the rulebook keeps slipping.

Details

However, a White House deal on ethics had added $63 billion on July 21, making this retreat a real reversal. Meanwhile, the S&P 500 closed Friday in green, so the weakness looks crypto specific.

The Stall: Senate vote slips past the August recess.

Key Resistance: $2.22 trillion, uncleared since July 24.

Downside Line: $2.15 trillion must hold, or $2.11 trillion opens.

2. ETF Outflows Snap a Seven-Day Buying Streak

Spot Bitcoin ETFs compounded it. Funds shed $225.18 million on Thursday and $240.08 million on Friday, ending an inflow run in place since July 14.

The Reversal: Roughly $465 million out in two sessions.

Streak Broken: Seven positive days ended Thursday.

Asset Drain: Fund assets down $3.1 billion since July 21.

Coin Spotlight: Monero (XMR)

Monero is up nearly 10% over 30 days, yet XMR now trades near $351 after a 3.19% daily drop. The pullback looks like the handle of a cup and handle pattern, a rounded base and shallow dip.

The Pattern: Cup base late June, handle from July 25.

Break Sequence: $362, then $369, confirmed above $376.