Bitcoin Price Plunges Below $75,000 Amid Market Uncertainty
The price of Bitcoin has fallen to around $75,600 over the past 24 hours due to several market factors. The US Senate's failed vote on the CLARITY Act and rising Treasury yields have contributed to the decline.
A procedural vote in the Senate ended 50-49 in favor of not advancing the legislation, which would have established a federal regulatory framework for digital assets. This led to a significant drop in Bitcoin price, with an intraday low of $74,913 reached after the vote on September 15.
The 10-year US Treasury yield has also been rising, reaching its highest level since July 2007 at 5.04%. Although it has eased back to 4.97%, borrowing costs remain close to their highest levels in nearly two decades.
Leveraged positions have been caught in the decline of Bitcoin price, with estimates suggesting over $500 million in total crypto liquidations over the past 24 hours. The majority of these losses are attributed to long positions.