Bitcoin (CRYPTO: BTC) is struggling to hold $60,000 as market observers look to the CLARITY Act passage in July as potential next catalyst.
The Role Of Critical Crypto Legislation
In a Schwab Network episode on June 26, Adam Lynch noted that Bitcoin has also fallen below its 200-week moving average near $62,000, a level that has historically marked longer bear-market phases.
The sell-off comes as Ethereum (CRYPTO: ETH) faces its own pressure, with the Ethereum Foundation reportedly cutting more than 50 jobs, or about 20% of its workforce.
Lynch said July could be critical for crypto legislation, with the window between the July 4 recess and the August break viewed as "now or never" for the Clarity Act.
