Weekly Wrap: Bitcoin Hit By Coldcard Hack And Clarity Act Disappointment

Bitcoin was trading right around $65,000 U.S. on Aug. 7 to end a difficult week for the crypto market. 

BTC continues to trade in a narrow range of $60,000 U.S. to $65,000 U.S., a band it has been stuck in since the end of June. Analysts continue to stress that Bitcoin needs to break through resistance at $65,000 U.S. to stage a meaningful recovery.

However, the past week was a notable one for Bitcoin as investors and analysts continue to assess the damage done by the Coldcard hack that saw $130 million U.S. drained from digital wallets that relied on private keys. 

At the same time, crypto advocates suffered a blow in recent days on news that the Clarity Act legislation will not be voted on in the U.S. Senate before Congress takes its summer recess beginning on Aug. 7. This makes it unlikely that the Clarity Act, which seeks to regulate cryptocurrencies, will become law this year.

Midterm congressional elections scheduled for November of this year are expected to impact the legislative agendas of both the U.S. Senate and House of Representatives this fall. Some analysts have commented that it is a positive sign Bitcoin's price has not declined over the past week due to the Coldcard hack and lack of movement on the Clarity Act.