Senate Rejects CLARITY Act, Crypto Market Takes a Hit
The US Senate's failure to pass the CLARITY Act sent shockwaves through the crypto market, causing a sharp decline in the prices of Bitcoin, Ethereum, and XRP. The bill, which aimed to clarify the regulatory framework for digital assets, fell short by just 11 votes, with 49 Senators voting in favor and 50 against.
The market responded quickly to the news, with Bitcoin's price dipping 3.7% to $75,976.10, Ethereum plummeting 5.2% to $2,404.20, and XRP taking a huge hit of 7.3%, trading at $1.31.
The liquidation heatmap from CoinGlass revealed that the market's bearish move led to massive liquidations across the industry, with total 24-hour liquidations reaching $669.71 million. Bitcoin-related liquidations accounted for approximately $231.63 million, while Ethereum-related liquidations totaled around $220.77 million.