Senate Rejects Clarity Act, Sending Crypto Prices Plummeting

Yesterday's rejection of the Clarity Act by the U.S. Senate sent shockwaves through the cryptocurrency market, causing a sharp decline in prices and a surge in exchange inflows.

According to data from CryptoQuant, 23,200 BTC worth approximately $1.79 billion have been sent to exchanges at a loss, with most of these transactions happening within the last day.

The Clarity Act was seen as a potential regulatory clarity for the cryptocurrency industry, but its failure to pass has led to increased selling activity among short-term holders, causing a 71% surge in exchange inflows from about 19,400 BTC to 33,100 BTC.