Crypto Market Brief July 23: BTC Price Slips, Oil Soars, BitMEX Token Crashes 90%, CLARITY Act Stalls
Highlights
- Today's crypto market brief highlights an overall bearish outlook as BTC slips below $65,000.
- Rising oil prices and regulatory uncertainty are weighing on the market.
- BitMEX's shutdown dominated discussions in the crypto market today.
The crypto market today, July 23, is leaning bearish as geopolitical tensions and lack of regulatory certainty around the CLARITY Act weigh on prices.
Top Movers
- Brent crude oil price trades at $99, its highest price since May 26, as Yemen’s Houthis attack two oil tankers belonging to Saudi Arabia in the Red Sea.
- Bitcoin price has dropped below $65,000 because of the escalating geopolitical tensions, while Ethereum has dropped to $1,900.
- CASHCAT is one of the biggest losers today after the price dropped by 23% to $0.043 at the time of writing. The total market cap for Robinhood Chain meme coins is also down by 19% to $139 million.
- WLFI is among the top gainers in the crypto market after a 6% gain following the adoption of the USD1 stablecoin issued by World Liberty Financial by UFC Freedom Bonuses.
Biggest Crypto News of The Day
- The BitMEX crypto derivatives exchange co-founded by Arthur Hayes is shutting down on September 23 after 11 years in the market.
- BITMEX token is down 90%, moving from $0.06 when the announcement was made to $0.005.
- BitMEX also urged users to withdraw funds by the September 23 deadline or pay $50 each month as a monthly maintenance fee.
Crypto Market Data
- The total crypto market cap is down by 0.46% to $2.23 trillion.
- Bitcoin: $64,996 (- 1.36%).
- Ethereum: $1,908 (-1.78%).
- XRP: $1.11 (- 2.37%.
- 24-hour volumes: $58 billion
- Bitcoin Dominance: 58%
- 24-Hour Liquidations: $207 million (Long liquidations: $151 million, short liquidations: $55 million).
- Fear and Greed Index: 31 (fear)
What to Watch in the Crypto Market Today
- The CLARITY Act text released on July 22 will continue to spark debate from both Senate Republicans and Democrats due to the ethics provision
- Republicans want the DoJ to enforce the ethics rules within this bill, but the Democrats want the state Attorneys general to enforce the rules
- The views aired today could also affect the odds of the CLARITY Act bill passing in 2026 and move the crypto market.
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Frequently Asked Questions (FAQs)
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Clarity Act (H.R.3633) signed into law in 2026?
