Bitcoin Surges Past $81,000 Amid Crypto Market Volatility
The value of Bitcoin has surged above $81,000 as the cryptocurrency market experiences heightened volatility. This price increase comes despite nearly $300 million in leveraged liquidations over a four-hour period.
The move is linked to the crypto industry's setback in Washington after the Clarity Act failed to advance in the US Senate earlier this week. The legislation aimed to establish a clearer regulatory framework for digital assets by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The failure of the Clarity Act has raised questions about the crypto industry's close ties with US President Donald Trump, who generated about $1.4 billion in crypto-related income last year.