Progress around key crypto legislations in the US remains stuck in limbo, effectively capping price action as institutional capital remains on the sidelines.

After a year of blistering gains that saw Bitcoin soar from under $70,000 to an all-time high of $126,000 in October, the flagship crypto has crashed to multi-month lows.

Bitcoin’s rally last year was primarily fueled by President Trump’s return to office and a renewed political mandate to make the United States “the crypto capital of the world.”

Subsequently, a string of pro-industry appointments and legislative efforts, including the GENIUS Act for stablecoins, initially buoyed sentiment.

But market euphoria has collided with the entrenched complexities of US policymaking.