Crypto Market Suffers $571M Leverage Flush After Failed CLARITY Act Vote

The U.S. Senate's failed vote on the CLARITY Act led to a significant leverage flush in the crypto market, with $571M in bullish futures positions liquidated over the following 24 hours.

CoinGlass data showed that long liquidations reached their highest level since August 22, split roughly evenly between Bitcoin and Ethereum at about $215M each.

The Senate's procedural cloture vote fell short by a single vote, with Republican Senators Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis voting against cloture, while Democratic Senator Chris Coons did not vote.