Crypto Markets Plummet as Senate Fails to Advance CLARITY Act, Fed Decision Looms

Crypto markets suffered losses after the Senate failed to advance the CLARITY Act, which was seen as crucial for US crypto market-structure legislation. Bitcoin (BTC) plummeted from around $77,000 to a monthly low near $75,000 before recovering slightly below $76,000.

XRP took an even bigger hit, falling 8% and dipping below $1.30 after being rejected near $1.50. Other major tokens like Ethereum, Solana, Dogecoin, Monero, Hyperliquid, Chainlink, Cardano, and Stellar also saw significant losses.

The market's attention has now shifted to the Federal Reserve's upcoming interest-rate decision on Wednesday. This announcement could potentially calm risk sentiment or trigger another wave of selling in an already fragile crypto market.