Thursday's encryption market is generally weak. Bitcoin, ETA and XRP all fell, while market sentiment was suppressed by two factors: the US-CLARITY Act advanced at a slower pace than expected, and China's AI model, which triggered global stock-market sales and risk-assumption.

Main currency drops

Bitcoin dropped to $63,367 and 24 hours to 1.78 per cent. It fell to US$1,830 and XRP returned to US$1.08. The total market value of network-wide encrypted assets has fallen to $2.18 trillion, and the fear and greed index has remained at 31.

The CLARITY bill still hasn't published a new text.

The United States House of Representatives Financial Services Committee held a hearing in New York that same day on the CLARITY bill to discuss how it might promote digital asset innovation. The meeting did not involve a vote, but was considered to be one of the formal steps before the bill entered the Senate vote.

Republican Congressman Timmons stated at the meeting that the bill was nearing its final stage and that it was important to maintain the competitiveness of the United States economy. However, market optimism was subsequently weakened by new developments in the Hill of Congress.

It was reported that the updated version of the bill had still not been published following talks with Republicans in the Senate on ethical provisions. Marketers are now concerned that the publication of the text may be delayed until next week, which means that the time for the bill to move forward before the August recess is even more tight.

In parallel, the probability of bets passed by the CLARITY Act on Polymarket dropped to 31%. It was mentioned that Trump had met with several senators in an attempt to move the bill forward before the August recess.

China AI Model Impact on Global Stock Markets

Another pressure came from the global stock market. China ' s AI Laboratory Moonshot AI released open-source model Kimi K3, with parameters of 2.8 trillion, which is higher than the previous records of DeepSeek of 1.6 trillion. The report cited independent benchmarking tests that the model performed close to Claude Fable 5 of Anthropic and OpenAI GPT-5.6, but that the pricing of services was significantly lower.

The market then reassessed AI infrastructure input expectations. Previously, one of the core logics of AI ' s transactions was that industry competition would continue to push higher chips and data centre expenditures; this expectation began to loosen when lower-cost high-performance models emerged and the associated asset valuation was affected.

Asian markets were the first to fall. Japan's Japanese yen index fell by 4 per cent, China Taiwan's weighted index fell by 6.5 per cent, and the electricity stock dropped by 7.3 per cent. The global semiconductor index dropped by 3 per cent, more than 24 per cent above the June high point, entering the technical bear city. It was also reported that, since 22 June, the global market value of chips had evaporated over $2 trillion.

Market interest in two variables

Next, the encryption market will continue to focus on two factors: first, whether the CLARITY text will be published before the August recess; and second, whether the global stock market sales generated by AI will stabilize.

It was reported that, at the current stage, the relevance of the encrypted market to major equity fingers had exceeded 80 per cent. If US and Global Science and Technology Units continue to be under pressure, encrypted assets may also continue to be burdened in the short term.