Bitcoin may already be pricing in another failure by Washington to deliver comprehensive crypto legislation, according to Galaxy founder and CEO Michael Novogratz.

The European Central Bank is warning that stablecoins could become more than a competitor to cards and bank transfers. At sufficient scale, they could begin removing the retail deposits that European banks use to fund mortgages, business loans and other credit.

Bitcoin broke down from its two-week rising channel on July 13, falling 1.4% to $62,860 while US forces struck Iran over the weekend, and the rejection at the 50-day moving average arrived before the Strategy disclosure and CPI print the market was supposedly waiting for.

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