Crypto Market Crumbles Amid U.S., Iran Hostilities Pause

Leading cryptocurrencies took a sharp hit on Monday as investors weighed developments around the Clarity Act and a pause in U.S., Iran hostilities. Bitcoin plummeted below $63,000 in an evening sell-off, with Ethereum falling to $1,860.

The market's 24-hour trading volume more than doubled, resulting in over $670 million being liquidated from the cryptocurrency market. This included $533 million in bullish long positions wiped out, according to Coinglass data.

Bitcoin's open interest fell nearly 2% over the last 24 hours, but derivatives traders on Binance remained net-bullish on the apex cryptocurrency.

The Crypto Fear & Greed Index showed a 'fear' sentiment prevailing in the market. SEC Chair Paul Atkins expressed optimism that Congress would pass key cryptocurrency legislation, however.