Bitcoin Prices Plummet as U.S. Senate Fails to Pass Clarity Bill

The U.S. Senate failed to secure enough votes to advance the 'Clarity Bill,' which aimed to impose broad regulations on crypto assets.

This development led to a sharp reversal in markets, with Bitcoin prices declining and briefly falling below the $75,000 mark.

Coinbase shares dropped more than 10%, and other related stocks felt selling pressure.

The Bank for International Settlements revealed that estimation biases in on-chain Bitcoin transfers are sixfold due to change outputs and contract discrepancies, leading to a fourfold overstatement of market capitalization.