Crypto Market Cap Plunges $68 Billion Amid Regulatory Uncertainty
The global crypto market cap fell by 2.6% to $2.67 trillion over the past 24 hours, with Bitcoin leading the decline.
Bitcoin dropped to $75,827.27, down 2.7% on the day and 3.8% for the week. Ethereum also saw a significant drop, falling to $2,402.03, down 4.4% in 24 hours and 3.7% over seven days.
The market selloff was accelerated by the failure of the CLARITY Act cloture vote in the Senate on September 15. The bill needed 60 votes to advance but only received 49, with all Democratic and independent senators present voting against it, joined by Republicans Susan Collins and a few others.
As regulatory uncertainty increases, crypto equities took a hit, with Coinbase, Circle, and BitMine stocks each falling over 10% on Tuesday. The decline in market value raises short-term risks for centralized exchanges (CEXs), decentralized finance (DeFi) fundraising, and token adoption.