Bitcoin price plunged slightly below $75,000 within minutes, losing over 2.3% in the past 24 hours.
This sudden move comes immediately after it became clear that the CLARITY Digital Asset Markets Act will not get the votes needed to move forward without further debate.
The move also comes amid a massive increase in liquidations, which have soared more than 200% in the past day. The total amount currently stands at approximately $760 million, of which more than $290 million was liquidated in the past hour alone, amid high volatility.
The rest of the market is also experiencing similar price action. Ethereum (ETH) is down about 3.5%, Solana is down 2.2%, TRX is down 2.2%, HYPE is down 3.8%, and so on.
The Senate’s failure to advance the bill does not mean the bill is essentially dead. Instead, it means debates can continue, delaying them even further. Many proponents have withdrawn their bills in the past after failing to move forward at this point, but whether or not that will happen to the CLARITY Act remains to be seen.
Keep in mind that tomorrow the US Federal Reserve will also meet to announce its interest rate decision, which is also likely to cause significant volatility in the markets.
Bitcoin Price Falls to $75,000 as Senate Votes Against Advancing Crypto CLARITY Act appeared first on CryptoPotato.