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01/30 00:42

Bitcoin slides to yearly lows as U.S. announces Pr

Bitcoin slides to yearly lows as U.S. announces Project Crypto legislation effort

Investing.com-- Bitcoin slid to yearly lows on Thursday, caught up in a broader Wall Street selloff and amid a sharp turnaround in surging gold prices. Crypto market participants were focused on U.S. legislation efforts. 

The world’s largest cryptocurrency last traded 6.2% lower at $83,991.30 by 14:55 ET (19:55 GMT). It hit a session low at $83,405.70, its lowest level this year.

Bitcoin had remained stuck between the $86,000 and $89,000 levels this week. It has gained only 1% in January.

The fall in crypto contrasted sharply with a surging gold market earlier, where bullion blasted past the $5,500 an ounce mark for the first time on Thursday. Safe-haven demand, geopolitical tension, and the Federal Reserve’s rate outlook underpinned the move.

Gold has since sharply given up its gains and turned lower, as investors take a bit of a pause after a breathless runup. 

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig at a joint press conference announced an initiative, dubbed Project Crypto, under which both agencies will together implement the landmark crypto legislation known as the Clarity Act once it passes Congress.

"We have designed Project Crypto such that when Congress acts, our agencies are ready to implement any new legislation faithfully and thoughtfully. Moving forward, that means deploying every tool at our disposal to reduce friction, to harmonize standards and definitions where appropriate, and to equip markets with confidence as Congress completes its vital work," Atkins said.   

The initiative comes after Reuters on Wednesday said the White House plans to host senior executives from the banking and cryptocurrency industries next week in an effort to break the deadlock over the legislation.  

Meanwhile, a U.S. agriculture committee advanced a bill that would provide new authority to the CFTC to regulate digital commodities and strengthen consumer protections for the emerging market. The legislation, called the Digital Commodity Intermediaries Act, builds on the Clarity Act.

Crypto price today: altcoins also remain subdued

Most altcoins also fell on Thursday, remaining subdued amid a broader risk-off mood.

World no.2 crypto Ethereum fell 7.1% to $2,803.14.

World no. 3 crypto XRP dipped 6.7% to $1.79.

Solana and Cardano dropped more than 7% each.

Among meme tokens, Dogecoin and $TRUMP declined 7.7% and 4.6%, respectively.

Ayushman Ojha and Vahid Karaahmetovic contributed to this articleThe best investments start with better data. Going with your gut has its place, but when excitement masquerades as intuition, it can lead to costly mistakes—or analysis paralysis.

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