Charles Schwab said in its Weekly Trader Market Outlook that the Bitwise 10 Large Cap Crypto Index was down 3% from last Friday as of the time of writing. Bitcoin also fell 3% over the same span, while Ether slipped 2%.
The firm said Bitcoin continues to show the traits of a low-correlation asset. It added that this week’s CPI and PPI releases had only a limited effect on Bitcoin’s price.
On the policy front, Schwab noted that the U.S. Senate entered its summer recess last week and the CLARITY Act did not get a vote. Although a cloture vote for the bill is scheduled for Sept. 14, the firm said the chances of the legislation clearing before the midterm elections remain low.
The view ties crypto market performance and U.S. legislative timing into the same weekly update, with Schwab pointing to muted macro reaction in Bitcoin and a slower path for crypto legislation in Washington.
Charles Schwab said in its Weekly Trader Market Outlook that, as of the time of writing, the Bitwise 10 Large Cap Crypto Index had fallen 3% since last Friday. Over the same period, Bitcoin was down 3% and Ether had slipped 2%.
Schwab said Bitcoin still shows the characteristics of a low-correlation asset, and that this week’s CPI and PPI data had only a limited impact on its price.
CLARITY Act still faces a difficult path
The firm also noted that the U.S. Senate entered its summer recess last week, leaving the CLARITY Act without a vote. While a cloture vote on the bill is scheduled for Sept. 14, Schwab said the probability of the legislation passing before the midterm elections remains low.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
