Bitcoin falls below $63,000 amid Coinbase earnings disappointment and stalled crypto legislation

Bitcoin slipped below $63,000 on July 31, landing at its lowest price in roughly 10 days after a one-two punch that crypto bulls really didn’t need. Coinbase posted a revenue miss that sent its shares tumbling after hours, and the Clarity Act, the legislative effort meant to finally sort out who regulates what in crypto, hit a wall in the Senate. Meanwhile, Strategy Inc., the corporate Bitcoin whale formerly known as MicroStrategy, added its own underwhelming earnings to the pile. Coinbase’s quarter came up short Coinbase reported second-quarter revenue of $1.22 billion. That number was down 19% year over year and missed analyst estimates of roughly $1.3 billion. The company also posted a net loss of $359.5 million. Investors responded accordingly. Coinbase shares dropped between 7% and 14% in after-hours trading on July 30, depending on the moment you checked. Coinbase is often treated as a proxy for the health of the broader crypto market. Trading volumes drive Coinbase’s business, and lower volumes mean fewer people are buying and selling crypto. The Clarity Act stalls at the worst possible time The Clarity Act, which is designed to draw clear jurisdictional lines between the SE...