Crypto
Crypto Markets Plummet After Senate Fails to Advance CLARITY Act
The crypto market took a sharp downturn Monday night after the Senate failed to advance the CLARITY Act, leading to a loss of over $300 million in long positions within 20 minutes.
Bitcoin plummeted below $75,000 for the first time since August 20, reaching a price of $76,047.75 before dropping further.
The total crypto market cap fell by 2.9% to $2.70 trillion over 24 hours, with Ethereum and XRP also experiencing significant losses, down 3.5% and 1.0%, respectively.
The failure of the CLARITY Act was attributed to bipartisan negotiations collapsing just before the vote, with staff for Senator Tim Scott abruptly ending talks on ethics provisions in Senator Thom Tillis's office.