Crypto Market Dives 2.9% Amid US Regulatory Uncertainty

The cryptocurrency market has taken a hit, plummeting by 2.9% over the past 24 hours to reach a total value of $2.16 trillion.

This decline is largely attributed to Bitcoin's selloff and the liquidation of more than $670 million in leveraged positions.

Investors are growing cautious due to uncertainty surrounding the U.S. Clarity Act and the upcoming Federal Reserve interest rate decision on July 29.

Rising derivatives activity has further amplified losses as traders unwound their leveraged positions, leading to a broader selloff in the market.