Today, the China-U.S. talks did not seem to yield much information. Regarding Iran, China did not fully express its position; only Trump mentioned that Xi Jinping is willing to support Iran in opening the Strait of Hormuz. This aligns with yesterday's expectations, as the prolonged blockade of the Strait of Hormuz does not serve China's interests. If support for unhindered passage can exchange for some U.S. resources, it would also be beneficial for China.
The current situation of passage in the Strait of Hormuz remains concerning. Although some news from Iran has come through, yesterday more than 30 ships were allowed to pass, but at the same time, there were reports of attacks on Indian merchant vessels. The closure of the Strait of Hormuz still forces WTI and Brent to maintain high levels, with the only slight positive today being that funding rates have dropped a bit, likely because most partners can no longer bear it.
Additionally, today the CLARITY Act finally passed in the Senate Finance Committee and is now headed for a full Senate vote. Currently, 60 votes are needed for passage, which means that besides full agreement from the Republicans, at least 7 votes from the Democrats are also required. The interest-bearing stablecoin and moral standards provisions remain the focus of contention.
Looking at Bitcoin's data, the price trend today was not very good, but the passage of the CLARITY Act still stimulated an increase in $BTC price. The biggest benefit of the CLARITY Act for BTC is that it transforms BTC from a risky asset that can be bought into a compliant digital commodity that can be long-term included by banks, brokerage firms, funds, custodians, clearing systems, and margin systems.
In the short term, it is sentimentally positive; in the medium term, it is beneficial for compliant liquidity; in the long term, it is favorable for the financialization and collateralization of BTC.
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