The $120 million Coldcard hack lights up Bitcoin's memory pool
Increasing network activity is often said to support valuations for the networks native coin, bitcoin . So far, the token has neither rallied nor dropped significantly and remains boxed in the recent range of $62,000–$65,000. Analysts continue to point to the fate of the Clarity Act as the immediate catalyst while citing longer-duration government bond yields as a more macro and longer-lasting one. “CLARITY is still the immediate policy binary. The Senate has a three-day window before its August 10 recess, while the implied probability of passage by year end has fallen to 23% from around 75% in mid-May. A push to attach prediction-market restrictions adds another process risk,” analysts at Marex said. Meanwhile, Bitfinex said the bullish macro case for bitcoin could collapse if the real or inflation-adjusted yield on the U.S. 10-year Treasury note tops 2.5%. “The 10-year real yield has not stayed above 2.5% since before Bitcoin existed, so there is no price history above that line. It is now at 2.41%, nine basis points below,” the exchange said. Stay alert!