Bitcoin Falls Amid Prolonged Bottoming, Consolidation Phase — Market Talk

Bitcoin falls in Asian trade as it remains in a prolonged cyclical bottoming and consolidation phase, CoinMarketCap analyst Ray Salmond says. Traders appear to have already priced in the fallout from the U.S. Congress's failed push to advance the pro-crypto Clarity Act, which has faced opposition from the Democrats, he adds. Salmond notes that bitcoin continues to lag as the S&P 500, Dow and key commodities climb toward new highs. With progress on the Clarity Act stalled, traders are expected to refocus on the coming U.S. CPI print, the Jackson Hole economic policy symposium and the September Fed meeting for clues on the central bank's interest-rate plans. Bitcoin is down 0.2% at $64,927.20. ([email protected])