XRP leads majors losses as Clarity Act vote slips to September

On Friday, Bitcoin maintained its value near $64,300, showing minimal movement for the day and remaining steady over the week. However, XRP struggled as the weakest major cryptocurrency, slipping over 2% in a single day to $1.02 and declining 5.5% over the past week. Solana also experienced a decline, dropping more than 1% to nearly $73 and recording a 2% decrease over the week.

Dogecoin saw a minor drop of nearly 1% to under 7 cents, while Ether maintained a flat position at $1,897, with a slight reduction over the week. BNB remained stable at $591, having gained 1% over the week. Hyperliquid's HYPE fell under 1% to approximately $56 but leads the major cryptocurrencies over the past week with a gain of 1.3%.

The Clarity Act, a bill aiming to determine which U.S. regulator oversees various digital assets, is scheduled for a vote in September, following the Senate's August break. Lawmakers are set to return on September 14, with three weeks allocated to address various pending bills, including those related to government funding and Russia sanctions.

Spot Bitcoin funds collected approximately $626 million between August 3 and August 5, which was sufficient to support the $63,000 to $64,000 range but insufficient to overcome resistance between $66,000 and $66,600. The upcoming week will bring the U.S. employment report and July inflation data. The Federal Reserve maintained interest rates at 3.50% to 3.75% in July, with three officials advocating for rate increases.

A robust jobs report or persistent inflation would bolster the argument for tighter monetary policy, which generally exerts downward pressure on Bitcoin. Bitcoin has yet to surpass the $66,000 threshold, even with a continuous inflow of capital throughout the week. Next week's employment and inflation reports will determine whether Bitcoin receives another opportunity or retreats closer to the $63,000 mark.

Binance continues to be the leading cryptocurrency exchange, broadening its scope beyond spot and derivatives to encompass Real World Assets (RWAs), payments, savings, yield, and other financial services.