Bitcoin Slumps Below $76,000 Amid CLARITY Act Setback
The price of Bitcoin has fallen below $76,000 as the cryptocurrency market faces renewed selling pressure. The decline comes after the CLARITY Act failed to pass its first round of voting in the US Senate, adding uncertainty to the outlook for crypto regulation.
Bitcoin was trading at $75,804.12 at the time of writing, down 2.13% in the past 24 hours and 4.03% over the week. Other major cryptocurrencies such as Ethereum, BNB, XRP, and Solana also declined in value.
Prateek Gupta, head of business at Mudrex, says that it is difficult to assign a precise percentage to the CLARITY Act's impact on prices, as the regulatory setback and macro pressure arrived almost simultaneously.
Gupta notes that the impact was more visible in crypto-linked stocks, with Coinbase and Circle falling around 10%, while Bitcoin declined by roughly 4%.