Bitcoin Plunges Ahead of CLARITY Act Vote, Over $100M Liquidated
Bitcoin's price has dropped by 1.1% over the past 24 hours to $77,012.38, erasing its recent gains as traders position themselves ahead of today's CLARITY Act cloture vote at 2:15 PM ET.
Over $100 million in leveraged positions have been liquidated in the past 12 hours as traders de-risk before the Senate vote.
Analyst Michaël van de Poppe believes that Bitcoin is likely to sweep recent lows, with the price action resembling a pattern seen at the end of August. He recommends buying on further weakness, calling anything below $75,700 'essentially a steal' for Bitcoin.
The immediate catalyst for today's dip includes news that Democrats rejected the Republican CLARITY Act draft over ethics language, adding fresh uncertainty just hours before the vote.