Bitcoin fight in the $83,000 range… From the surge in U.S. Treasury yields to the delay in virtual asset legislation

US 10-year bond interest rate rises to 5.365%... Bitcoin down 2.5% in 24 hours

Liquidation of $550 million in leverage... CFTC pushes for separate regulation after Senate blocks Clarity Act

Bitcoin is fluctuating in the $83,000 range. As long-term U.S. long-term government bond interest rates soared to the highest level in 24 years and even the dollar strengthened, caution in the virtual asset market increased. In the United States, while legislation to improve the regulatory system of the virtual asset market failed to pass the Senate, attention is also focused on the institutionalization process as supervisory authorities begin to prepare separate regulations.

According to CoinGecko, a global virtual asset market platform, at around 10:15 am on the 8th, Bitcoin was worth $83,339, down 2.5% from 24 hours ago. It has been volatile, trading between $85,442 and $82,823 over the last 24 hours.

U.S. Treasury yields highest in 24 years... Pay attention to the $82,500 support level

The recent surge in U.S. Treasury interest rates is considered a major factor pressuring the virtual asset market. The U.S. 10-year maturity Treasury bond interest rate rose to 5.365% during intraday trading on the 7th, hitting the highest level since April 2002. The 30-year interest rate also reached 5.732%, the highest level since May 2002. The fact that the dollar index recovered to the 102 level also put a burden on virtual asset investment sentiment.

Heightened tensions in the Middle East also heightened market caution. As news of an oil tanker attack spread in the Strait of Hormuz, concerns about disruptions in crude oil supply and rising prices were highlighted. As government bond interest rates rise and geopolitical instability appears simultaneously, investors' wariness toward risky assets has also increased.

The price adjustment process also resulted in forced liquidation of leveraged investors. According to a report by CoinDesk, a virtual asset media outlet, citing Coinglass data, virtual asset leverage positions worth about $550 million were liquidated in the last 24 hours as Bitcoin fell below $84,000. As the positions of investors using borrowing were liquidated, the range of price fluctuations expanded.

Wintermute, a virtual asset market maker, suggested $82,500 as Bitcoin's short-term support level. If this price range is maintained, there is room to continue the existing upward trend, but if it breaks away, additional selling pressure may appear.

The US Clarity Act fails to pass the Senate threshold... CFTC promotes separate regulations

Apart from the short-term adjustment of market prices, uncertainty surrounding the incorporation of virtual assets into the system continues in the United States.

The U.S. Senate failed to secure the necessary 60 votes in a procedural vote on September 15 to proceed with deliberation of the CLARITY Act, a virtual asset market structure bill. Processing of the bill was halted as all Democratic lawmakers and four Republican lawmakers opposed it.

The Clarity Act divides the supervisory authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) according to the legal nature of virtual assets, and establishes a federal-level regulatory system for virtual asset exchanges and related businesses.

However, differences of opinion between the ruling and opposition parties were unable to be narrowed down over concerns about conflict of interest surrounding President Donald Trump's virtual asset-related business and demands from the financial sector. The Democratic Party argued that restrictions on public officials' holding and trading virtual assets should be strengthened, but could not reach an agreement with the Republican Party.

While congressional legislation is not progressing, U.S. supervisory authorities are pursuing regulatory overhaul based on existing laws. On the 5th, the CFTC announced an advance notice of rulemaking (ANPRM) to supervise individual investors' leverage and margin-based virtual asset trading.

The CFTC is establishing a separate trading market type that virtual asset exchanges can register with the federal supervisory system and is reviewing supervisory requirements such as preventing market manipulation and proving reserve assets. However, new rules have not yet been confirmed or implemented, and comprehensive supervisory authority for all general virtual asset spot transactions has not been secured.

The United States ahead of the midterm elections in November... Pay attention to the direction of virtual asset institutionalization

The conflict surrounding virtual asset legislation appears to be continuing into the political world ahead of the U.S. midterm elections in November.

Reuters reported on the 7th (local time) that the U.S. virtual asset industry is reexamining its political funding strategy after the failure of the Clarity Act to be voted on in the Senate. The industry has invested more than $300 million in supporting virtual asset-friendly Democratic and Republican candidates in the two recent elections, but is considering whether to maintain the existing bipartisan support strategy as the positions of the two parties diverge during the bill process.

The United States has been pushing for the incorporation of virtual assets into the system, including enacting the GENIUS Act, a stablecoin regulation law, last year. However, the Clarity Act, which would overhaul the overall supervisory system for virtual asset transactions, has not progressed in the Senate, and the CFTC's new regulations are still in the opinion-gathering stage.

In the short term, U.S. Treasury yields, dollar flows, and the size of leverage liquidation are expected to affect virtual asset prices. The specific direction of the institutionalization of virtual assets in the United States is expected to be revealed depending on whether Congress re-promotes market structure legislation and the CFTC's subsequent rulemaking process.