Bitwise top 10 crypto index falls 3% as U.S. Senate delays CLARITY Act vote

The Bitwise top 10 large-cap cryptocurrency index fell 3% from last Friday as of publication, according to Charles Schwab’s Weekly Trader Market Outlook. Bitcoin also dropped 3% over the same period, while Ethereum fell 2%. Schwab said Bitcoin continued to show the characteristics of a low-correlation asset, with this week’s CPI (U.S. inflation data) and PPI (U.S. producer price data) having only a limited effect on its price. On the policy front, the U.S. Senate entered its summer recess last week without holding a vote on the CLARITY Act. Although a cloture vote (procedure to end debate) on the bill is scheduled for Sept. 14, the report said the chances of passage before the midterm elections remain relatively low.

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