CoinEx News: Bitcoin has pulled back from around $66,000 and is currently oscillating near the $63,000 level, while Ethereum remains relatively resilient. CoinEx Research believes this does not indicate that selling pressure has been fully released. Policy and macroeconomic developments over the next approximately 10 days could become the key window determining the overall direction of the cryptocurrency market in the second half of the year.

Among these factors, whether the U.S. Digital Asset Market Clarity Act (CLARITY Act) can be brought to a vote before the congressional recess on August 7 stands out as one of the most closely watched policy variables. Wall Street institutions have broadly expressed support, yet the Senate has only about nine working days remaining, and the probability of passage in August remains relatively low. Substantial progress on the bill would provide clearer regulatory expectations for the crypto market; otherwise, uncertainty is likely to persist.

Another key variable is this week’s Federal Reserve FOMC meeting. Market pricing for rate hikes within the year has risen notably, with some expectations even pointing to the possibility of a surprise hike. A more hawkish signal from the Fed, or reinforcement of a higher-for-longer rate path, would further suppress capital inflows into risk assets. A relatively restrained tone, by contrast, would help ease current pressure.

Some established storage projects have entered bankruptcy liquidation proceedings, and more than 100 crypto projects have exited the market so far in 2026. Under the superposition of multiple factors, market sentiment remains cautious. CoinEx Research believes that if the CLARITY Act makes progress and the Fed remains relatively restrained, Bitcoin has the potential to stabilize above key support levels and begin a recovery. Conversely, if policy implementation falls short of expectations or rate-hike expectations tighten further, downside pressure may intensify.