Crypto Market Plunges After CLARITY Act Rejection: Bitcoin Hits Monthly Low
The cryptocurrency market experienced a significant drop in value following the setback of the CLARITY Act's cloture. Bitcoin plummeted to a monthly low of $75,000 after the rejection of the bill. The altcoins also took a hit, with XRP being one of the worst performers.
Ripple's cross-border token was recently rejected at $1.50 and has since slumped to under $1.30. Ethereum is down to $2,400 after a 3% slide, while other altcoins such as SOL, DOGE, XMR, and HYPE have also declined in value.
The total crypto market cap has dropped by over 2.3% in a day, according to CMC, and is below $2.6 trillion now. The US Federal Reserve will announce its long-anticipated interest rate decision later tonight, which could lead to further market fluctuations.