According to foreign media, the encryption market has been in reverse for four consecutive days, and major coins such as bitcoin, the Ether and XRP are generally lower. The news that the United States and Iran had been close to reaching an agreement had led to a rebound in risk assets, but the situation was reversed, indicating that the market was still weak.

The legislative progress has not been sustained.

According to the article, the fall was not driven by a single event, but by a combination of multiple factors. Before the CLARITY Act was pushed forward by the Commission, the market also went up and down, and the short-wire was quickly thrown back.

The two-party negotiators are stepping up their push to move the bill forward, but the signing of the original 4 July deadline was largely impossible. The report states that the relevant meetings will be expedited next week, with the goal of finalizing the details before the August recess.

Money and silver are down and down.

In addition to encrypted assets, there has also been a marked fall in gold and silver. According to the data cited in the report, the market value of precious metals had evaporated over $1.7 trillion over the past 24 hours, gold had fallen by 4.75 per cent to $4,100 and silver by 9 per cent to $63.

The article attributed part of the sale to the weakness of the yen. Similar situations have in the past triggered arbitrage adjustments and extended to the wider risk asset market, including encrypted assets. The combination of gold and silver and encryption weakens the market.

The pressure on mining companies is still being released.

It was also mentioned that the operating pressure on the Bitcoin mining company remained unabated. Morgan Chase claims that the price of bitcoin has been below its estimated production cost for five months in a row, with about 20 per cent of miners in a non-profit state.

To maintain operations, over 32,000 BTCs were sold by listed mining companies in the first quarter. According to the article, this part of the continued sales pressure is putting additional pressure on the market. In contrast, smaller private mining companies have less access to financing, and if currency prices continue to fall, the possibility of further selling increases.

Strategy's worried about being reopened.

It was also mentioned that market concerns about Strategy and its STRC priority shares were increasing. The article states that if the company needed to sell bitcoin in the future to cover losses related to STRC, it could further increase the pressure on the market.

Additional information:The part of the text on Strategy is a potential scenario-based judgement of the outsider, not a fait accompli that has been disclosed by the company; the main line of the article is still insufficient institutional buyouts, mining sales and risk bias to co-press the market.