Bitcoin Price Slumps Amid Clarity Act Failure

The Clarity Act failed to advance in the U.S. Senate after a procedural vote ended 49-50, falling short of the 60 votes required.

Bitcoin's price lost its $76,000 support following the vote and is now under pressure at around $75,700-$76,000.

Arthur Hayes, co-founder of BitMEX, believes that Bitcoin doesn't need the Clarity Act and argued that macroeconomic conditions are more significant to BTC than proposed U.S. market-structure legislation.

Hayes thinks that the Bitcoin price is closely tied to broader macro factors such as US Treasuries and Japanese bonds, rather than being influenced by regulatory clarity.