Daily Observation of Cryptocurrency Concept Stocks: The Real Drivers Behind Bitcoin Falling Below $77,000 — Soaring U.S. Treasury Yields Resonating with Geopolitics, CLARITY Act Dividends Devoured by Macroeconomics
Released on May 19, 2026. After Bitcoin surged to $81,965 in a single day following the passage of the CLARITY Act by the committee, it fell below $77,000 yesterday (May 18), erasing all gains for May, with a total market liquidation scale reaching $657 million, of which 89% were long positions. The underlying logic of this trend is not due to a deterioration in the fundamentals of the crypto industry, but rather a resonance of two macro variables: the U.S. 10-year Treasury yield briefly touched 5.01%, the highest since 2023; the situation in Iran has escalated again, pushing oil prices above $100 per barrel, triggering a systemic risk clearance across assets. For investors in crypto concept stocks, this pullback provides a key analytical framework— in a market environment where regulatory benefits and macro pressures coexist, the short-term dominant factor for crypto asset prices is shifting from "regulatory expectations" back to "macro liquidity."