Whether the Clarity Act can pass is the key, we also need to keep an eye on the moves of Strategy and the Fed, and quantum security stuff is still far off for now.

Grayscale Research Director Zach Pandl said that Bitcoin fell below $60k this week, down more than 50% from its $125k high last December, a cyclical correction within a longer-term uptrend. It was dragged down by expectations of Fed rate hikes, uncertainty around the Clarity Act, pressure from Strategy, and quantum security risks. If the Clarity Act is passed and Strategy is strengthened, and if the Fed pauses rate hikes, it is likely already near the bottom; if it is not passed, deleveraging intensifies and, with rate hikes due to inflation, prices will likely keep falling.