Senate Fails to Advance CLARITY Act, Cryptocurrency Markets Plummet

Crypto markets plummeted Monday night after the US Senate failed to advance the CLARITY Act, sparking a sharp selloff that wiped out $71 billion in value.

The total crypto market cap dropped to $2.70 trillion, down 2.9% over 24 hours, with Bitcoin falling below $75,000 for the first time since August 20.

Ethereum and XRP also suffered significant losses, plummeting 3.5% and 1.0%, respectively, while more than $300 million in crypto long positions were liquidated within 20 minutes of the vote's failure.