Bitcoin Holds as Solana Breaks $75 | Clarity Act Delayed | Daily Crypto Roundup

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Welcome back to the Daily Crypto Roundup. Bitcoin is under pressure, Solana has fallen below a major support level, the NASDAQ is approaching correction territory, and the United States Senate has once again pushed the Clarity Act further down its agenda. But despite the fear spreading through global markets, Bitcoin is still holding up better than some of the world's biggest technology and semiconductor stocks. Today, we are looking at the level that could decide Bitcoin's next major move, why the Clarity Act may now struggle to become law in 2026, how Hyperliquid is attempting to become the underlying infrastructure for on-chain finance, Changpeng Zhao's proposal for an ASEAN crypto passport, and whether investors are beginning to favor Ethereum over Solana. Before we get into it, do us a favor and hit the follow button. It takes less than a second, it helps more people discover the show, and it allows us to keep producing these daily crypto updates.
Looking at the market, Bitcoin is trading at approximately $63,300 after dropping by around 2% over the past 24 hours. Ethereum is sitting close to $1,887.
XRP is trading at approximately $1.05.
BNB is near $568. Solana is around $73.35.
Hyperliquid is close to $55. And Cardano is trading at approximately $0.157.
Most of the major cryptocurrencies are in the red. But the important context is that this is not simply a crypto-specific sell-off. Risk assets around the world are being hit, particularly technology and semiconductor companies. South Korea's KOSPI suffered an extraordinary decline of almost 11%.
While NASDAQ Futures fell to their lowest level since May. Before we continue, this episode is supported by Kraken. Kraken is one of the world's longest-running cryptocurrency exchanges, offering access to Bitcoin, Ethereum, XRP and hundreds of other digital assets. Use the Kraken link in the description to create your account. And once you have completed the qualifying steps, we will send you 20 XRP as a thank you for supporting the show. This is not financial advice. Cryptocurrency trading involves a risk of loss, and you should never invest money that you cannot afford to lose. Bitcoin initially recovered from an Asian session low of approximately $63,065, briefly moving back towards $63,500.
However, the recovery failed to develop into anything substantial as selling continued across the American stock market. The Nasdaq fell by another 1.35% during Tuesday's session and is now close to being 10% below its June peak. A decline of 10% is generally described as a market correction. Crypto-related stocks were hit particularly hard. Strategy fell by more than 4%, Coinbase dropped by around 3.5%, and Circle lost approximately 5.5%.
Bitcoin miners and data center companies experienced even greater losses. Galaxy Digital, HUT8, Mara Holdings, IREN and Cypher Mining all suffered significant declines as investors continued to exit some of the artificial intelligence and semiconductor trades that had previously dominated the market. Bitcoin was certainly not immune, but it once again showed that it does not always move in perfect correlation with technology stocks. The next major level identified by analysts at Bitfinex is approximately $68,500.
That level represents the average cost basis of short-term Bitcoin holders, meaning investors who have held their coins for fewer than 155 days. In simple terms, a large number of recent buyers are currently sitting on losses. As Bitcoin approaches $68,500, some of those investors may sell simply to recover their original investment. That creates a potential wall of supply. However, Bitfinex analysts believe that if Bitcoin can break through $68,500 with sufficient volume, there may be relatively little resistance until approximately $84,000. That does not guarantee Bitcoin will reach $84,000.
It means that according to the distribution of previous trading activity, fewer investors may be waiting to sell between those two levels. The immediate challenge is getting anywhere near $68,500 while global markets remain nervous.
The Federal Reserve has also begun its two-day policy meeting, with investors divided over the direction of interest rates. That decision could affect the dollar, bond yields, stock markets and demand for high-risk assets, including cryptocurrency. Meanwhile, the United States Senate has temporarily shelved the Digital Asset Market Clarity Act. This does not mean the legislation has been defeated, but it does mean that its available path through Congress is becoming increasingly narrow. Senate Majority Leader John Thune is currently prioritizing federal nominations in legislation concerning sanctions against Russia. Because of the procedural rules governing Senate debates, lawmakers can generally only progress one major disputed bill at a time. The Senate is due to begin its summer recess on August 8th. That leaves very little time for lawmakers to begin moving the Clarity Act before they leave Washington. Some preliminary action could still take place next week, but September is increasingly looking like the more realistic window. The central disagreement remains the proposed restriction on senior government officials supporting or profiting from cryptocurrency projects. President Donald Trump has reportedly accepted some restrictions on his involvement with digital assets, but Democratic lawmakers argue that the proposed measures do not go far enough. The parties are continuing to negotiate, but every delay matters. Even if the Senate approves its version of the bill, it would still need to return to the House of Representatives because the Senate legislation would not be identical to the version previously passed by the House. Both chambers would ultimately need to approve the same text before it could be sent to the President. After the November elections, Congress will enter its lame duck period. Legislation can still pass during that period, but political uncertainty and disagreements often make the process more difficult. The Clarity Act is supposed to establish a clearer division of responsibility between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Without it, the industry will continue relying heavily on individual decisions made by regulators, courts and government agencies. The legislation is delayed, not dead, but the possibility of it slipping into 2027 can no longer be dismissed. Elsewhere, Hyperliquid is attempting to evolve from a successful, decentralized perpetual futures exchange into something much larger. Hyperliquid already provides one of the deepest on-chain markets for perpetual contracts. These are leveraged derivatives that allow traders to speculate on an asset's price without an expiration date. However, the company's larger ambition is to allow wallets, exchanges and decentralized applications to build their own products directly on top of Hyperliquid's liquidity and trading infrastructure. Hyperliquid's Ethereum-compatible HyperEVM connects with its purpose-built HyperCore blockchain. This allows another application to create its own interface while using Hyperliquid behind the scenes for order matching, liquidity, margin calculations and trade execution.