Crypto Stocks Plunge Ahead of Crucial Senate Clarity Act Vote
Crypto stocks took a hit in pre-market trading on Tuesday as investors pulled back ahead of a crucial Senate cloture vote on the CLARITY Act. Circle's (CRCL) stock led the drop, falling more than 5.56%, while Strategy (MSTR), Coinbase (COIN), and Robinhood (HOOD) plummeted nearly 3-4%.
The sell-off comes after these stocks had surged on Monday following renewed hopes of the Senate passing the CLARITY Act, which was fueled by President Trump's approval of ethics rules in the final draft. Circle's stock closed 7.53% higher to $97.42 on Monday due to this optimism.
Meanwhile, Bitcoin price has also slipped from its 24-hour highs near $79,300 to fall below $77,000 in the last few hours, currently trading at $76,887 with trading volume slipping after a recent rebound.