Bitcoin traded at $62,850 on July 31 as the cryptocurrency market faces broader economic volatility, regulatory challenges, and shifting adoption trends across North America and the financial sector.

Key Points

• Bitcoin mining difficulty dropped 19.9% in July, marking the third-steepest decline on record as the network hashrate fell to 868 exahashes per second.
• A survey by the Ontario Securities Commission reveals that 25% of Canadians now own cryptocurrency, a significant increase from 10% in 2023.
• The U.S. Senate has shelved the Digital Asset Market Clarity Act, delaying potential federal cryptocurrency regulation until after the August congressional recess.
• New York State filed a lawsuit against the prediction market Kalshi, alleging the platform operates as an unlicensed gambling business.
• Core Scientific announced a partnership with AMD to develop an artificial intelligence data center, while Galaxy Digital plans to open a second facility in Texas.

Why it Matters

The stagnation of Bitcoin prices alongside legislative delays and increased regulatory scrutiny highlights the ongoing uncertainty facing the digital asset industry. These developments suggest that institutional growth and mainstream adoption remain sensitive to both macroeconomic volatility and the evolving legal landscape in the United States.