Bitcoin Slumps on Clarity Act Stall in Senate
Bitcoin slipped on Tuesday as the Clarity Act stalled in the Senate. The legislation aimed to provide clarity on stablecoin regulations, but it failed to progress out of committee after a procedural vote.
The price of Bitcoin fell to $76.1K by mid-afternoon, down 2.7% over the past 24 hours from Monday's high of nearly $80K. The second-largest digital token by market cap, Ethereum, dropped 4.5% to $2.40K.
Crypto stocks were also affected, with Circle Internet falling 10%, Coinbase Global down 9.5%, and Gemini Space Station dropping 7.3%. Crypto mining stocks dipped as well, with Riot Platforms leading the decline at 5.5%.
Vladimir Tikhomirov of Theorem, an infrastructure platform for secondary markets for tokenized real-world assets, said that 'this doesn't change the direction of the crypto market either, as prices are still too heavily dependent on rates, dollar liquidity, and macro conditions.'