300M Wiped Out in Minutes as CLARITY Act Fails

The failure of the CLARITY Act in the US Senate sent shockwaves through the crypto market, leading to a brutal liquidation wave that wiped out $300 million in leveraged long positions in just 20 minutes.

Bitcoin dropped below $75,000 as the selloff accelerated, with other major cryptocurrencies like Ethereum and XRP also experiencing sharp declines.

The speed of the decline was amplified by leverage, which forced exchanges to automatically close leveraged long positions that could no longer meet margin requirements.

This triggered a classic liquidation cascade: falling prices led to more forced selling, creating even more downward pressure on the market.