Bitcoin Loses $3K in 12 Hours as CLARITY Act Stalls
Bitcoin's price plummeted by nearly $3,000 in just 12 hours on July's last day, wiping out gains that had been building for the month.
The cryptocurrency dropped from its intraday peak of $65,340 to a low of $62,369, its lowest since July 17. This sharp sell-off erased nearly all of its gains from the preceding 24 hours and left bitcoin with a daily loss of approximately 3%.
The losses also cut bitcoin's monthly gains from nearly 10% on Thursday to just 4.5% at the time of writing, while its market capitalization fell from $1.3 trillion to $1.26 trillion.
In the derivatives market, long bets worth over $100 million were liquidated, a fourfold increase from the previous day's losses. This was largely due to the lack of progress in the U.S. Senate on the CLARITY Act, which analysts say is key to sustaining long-term growth for the crypto market.