Bitcoin Price Slumps as Clarity Act Vote Fails

The Bitcoin Coinbase Premium Index dropped to its lowest level in over two months after the U.S. Senate failed to pass the Clarity Act, a bill aimed at regulating cryptocurrency.

The index fell to -0.079 on September 16, down from nearly touching positive territory with a value of 0.004 just days earlier.

CryptoQuant data showed that short-term holders sent over 34,000 Bitcoins to exchanges in a 24-hour period, mostly at a loss, marking the largest inflow in the past month.

Analyst Willy Woo noted that the divergence between Coinbase sellers and those on global exchanges intensified around the day of the vote, with American sellers taking control.