Bitcoin Crashes Below $75K as CLARITY Act Fails Senate Vote

The highly anticipated Digital Asset Market Clarity Act failed to pass in the U.S. Senate, causing a sharp sell-off in the crypto market.

The bill needed 60 votes to overcome its procedural hurdle but fell short, triggering a 4.6% drop in Bitcoin's price and breaking below the $75,000 level for the first time since late August.

Total liquidations reached $771 million, with nearly $568.5 million of those losses coming from long positions held by traders.

The CLARITY Act had undergone major changes aimed at winning bipartisan backing but ultimately failed to secure enough Senate support despite these efforts.