India, July 17 -- Aggregate cryptocurrency market capitalization eroded more than 2 percent and Bitcoin touched a low of $62,489 during the past 24 hours amidst a selloff in global chip stocks that spilled over to the crypto markets. The AI frenzy that had gripped global markets of late faded as markets questioned the bloated valuations in big tech. The escalating hostilities in the Middle East and the spike in crude oil prices also dampened crypto market sentiment.
Regulatory uncertainty in the U.S. surrounding the Clarity Act also dampened market sentiment. The legislation aimed at defining U.S. crypto regulation has been stalled due to dispute surrounding ethics clauses contained in the same. The regulatory bill inter alia aims to clari...