Bitcoin Tumbles Below $75K as CLARITY Act Fails in Senate Vote
Bitcoin's price dropped to around $75,000 on Wednesday, marking its lowest point in September. The decline comes after the CLARITY Act failed to clear the Senate cloture vote, effectively ending its chances of becoming law this year.
The cryptocurrency was down 1.55% in the past 24 hours and Ethereum followed suit with a 3.03% drop to $2,398. Other major altcoins like BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano also corrected by up to 8.05%.
Prateek Gupta, Head of Business at Mudrex, said that Bitcoin's price has slipped below $75,000 due to the setback from the CLARITY Act and a historic global bond selloff. The US 10-year Treasury yield hit its highest since 2007, putting further pressure on crypto markets.
Despite this, rising realized cap and 30 straight days of short-term holders in profit offer some support for Bitcoin's price. The global crypto market capitalisation edged down 2.13% to $2.57 trillion, according to CoinMarketCap.