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Ahmed Barakat
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Bitcoin price is wobbling again as the Clarity Act, MiCA, and Trump CBDC fights are heating the market. Not just all of those, according to WSJ, Iran linked wallets, are allegedly moving and laundering money trough Coinex to avoid sanction.
Last night, crypto once again expericed a masive dip, although it does feel different, it was raw and fast. Regulators are drawing hard lines, on-chain sleuths are exposing flows, and one viral Reddit post reminded us that retail still moves markets.
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Bitcoin Price Retests Lows After Heavy Liquidations
Bitcoin price is now recovering at $61,800 after retesting 20-month lows under $60K. Coinglass data shows fresh liquidations stacking up, with millions wiped in the last 24-hours, with longs taking the heaviest hits. Data confirms $1 billion has been liquidated last night, concentrated on long positions accounting $780 million.
However, the pain might not be over. A major Chinese Bitcoin miner called a bottom between $42k–$44k for late 2026. Jiang Zhuoer, founder of the Chinese Bitcoin mining pool BTC.top based his prediction on long-term cycle models and Strategy’s (MicroStrategy) mNAV nearing 2022 lows. Arthur Hayes fired back with his usual swagger, saying AI-driven liquidity could eventually send Bitcoin price toward $1 million.
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Iran Coinex Under WSJ Spotlight as Clarity Act Enters Final Review
WSJ reported Iran linked entities moved $3.84 billion through CoinEx since 2019 to bypass sanctions. On-chain data and TRM Labs flagged it as a major illicit hub, with alleged ties to IRGC and sanctioned Russian entities.
CoinEx has emerged as one of Iran’s primary gateways to global crypto markets, allowing the regime to convert and move funds while bypassing U.S. sanctions. Investigators flagged suspicious activity earlier this year involving two wallets tied to Iran’s Central Bank, which received funds traceable back to the $1.5 billion Bybit hack carried out by North Korean actors.
Also according to the report, those assets were laundered through complex transaction chains before ultimately landing on CoinEx. There’s also a report of direct transactions between CoinEx-hosted wallets and accounts U.S. authorities have linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). While CoinEx has not yet faced new U.S. sanctions, the revelations are putting the exchange under fresh compliance pressure.
More on the regulatory front, Senator Lummis opened the final review window for the Clarity Act as the DOJ pushing back on claims of loopholes. Progress on the Clarity Act is moving faster than most expected.
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MiCA is Coming, and Only Less Than 10% Firms Are Compliant While Trump CBDC Fight Spills Into Housing Bill
Moving to Europe, the next week MiCA deadline is forcing for an industry-wide reset. As of today, only 210 out of 3,000 crypto firms cleared the deadline. After July 1, all the unlicensed platforms lose access to 450 million EU users with no extensions. Coinbase opened a Luxembourg hub. Binance is seeking approval elsewhere. The MiCA cull is brutal but could be necessary.
Back to America, President Trump abruptly canceled the scheduled signing of the 21st Century ROAD to Housing Act. The bill itself is a major bipartisan bill that had passed the House 358-32 and the Senate 85-5. This legislation aims to boost housing supply and affordability by cutting regulations and encouraging new construction. However, the bill also includes a provision that would block the Federal Reserve from issuing a central bank digital currency (CBDC) until 2030.
Trump posted on Truth Social that he would not sign the housing bill until Congress first passes the SAVE America Act, his priority election integrity and voter ID legislation, which he called a “National Emergency.”
Trump’s action has left the housing bill in limbo despite its bipartisan support. While the CBDC ban was a key addition pushed by Republicans, Trump’s decision to hold up the entire package is primarily aimed at forcing action on the SAVE Act. This creates short-term uncertainty but is likely good for crypto as the anti-CBDC language stays alive as leverage.
Meanwhile, Reddit’s WallStreetBets turned Wendy’s into a meme stock, shares jumped over 40% after a “Save Wendy’s before it’s too late” post went viral from 20-year lows. It shows that retail still has teeth.The liquidations are flushing out weak leverage. Every shakeout clears the path. Bitcoin price has survived far worse.
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