Clarity Act Rejection Triggers $1.8B in Bitcoin Exits
Bitcoin's price has taken a sharp hit over the past day following the US Senate's failure to advance the Clarity Act. The bill, aimed at providing clarity on crypto regulations, fell short of the required votes, sparking fear among traders and causing a surge in selling activity.
According to data from CryptoQuant, 23,200 BTC worth approximately $1.79 billion have been sent to exchanges at a loss. This sudden increase in exchange inflow represents a massive 71% rise in just one day, with Binance leading the charge with over 10,000 BTC in inflows.
The decline in Bitcoin's price has been significant, falling from its recent high of around $78,000 to around $74,000. The negative trend has also seen Bitcoin short-term holder capitulation hit its highest level in the past month.