Bitcoin Surges Past $77K, Market Liquidations Top $260M

The price of Bitcoin briefly touched $77,000 on Thursday before settling around $76,600. This sudden shift came after a downward trend that pushed its value to a monthly low less than 24 hours earlier.

Despite sharp swings and pressure from a unanimous 25-basis-point Fed rate hike, the market saw a modest 1% daily gain, maintaining a $1.54 trillion market cap. The slight increase forced over $66 million in short liquidations against $32 million in long positions, with crypto market-wide liquidations reaching nearly $260 million in shorts and $138 million in longs.

As the industry debated the failed CLARITY Act vote, Democratic lawmakers defended their decision to reject the bill despite gaining several key concessions from Republicans. The bill's defeat led to concerns over regulatory uncertainty for protocols like Curve Finance, which expressed hope that the legislation will eventually pass.