What are the reasons for BTC's price drop after the cryptocurrency bill was passed?

BTC's price drop after the cryptocurrency bill was passed is mainly related to the market's "realization of expectations" regarding the policy and subsequent uncertainties. The specific reasons can be summarized as follows:

1. Profit-taking after favorable news is exhausted: Before the bill was passed, the market had already priced in the positive expectation of "clear regulation of cryptocurrencies," driving BTC's price to a historical high. After the bill was officially enacted, some investors chose to cash out, leading to a short-term price correction.

2. Concerns about the details of the bill: Although the bill clarified the regulatory framework for stablecoins and other areas, the compliance requirements for cryptocurrency assets as a whole, tax treatment, operational details for exchanges, and other specifics have not yet been fully clarified. The market has concerns about potential compliance costs and restrictions, prompting some capital to withdraw for safety.

3. Impact of the macro market environment: The price of cryptocurrency assets is also influenced by the overall sentiment in the financial market. If U.S. stocks and other risk assets experience volatility, the dollar index changes, or global liquidity tightens during the same period, it may further impact BTC's price and exacerbate short-term downward pressure.

In summary, the short-term price drop is a normal reaction of the market to the "realization of favorable news," while also mixed with a wait-and-see attitude towards policy details and external market factors, which is a common phenomenon in the price fluctuations of cryptocurrency assets.