Stable (STABLE) Tumbles Amid Broad Crypto Selloff Following CLARITY Act Setback

The cryptocurrency market experienced a broad selloff after the Senate failed to advance the Digital Asset Markets CLARITY Act, leading to a sharp drop in total crypto market cap by around 3-4%.

This move had a significant impact on Stable (STABLE), which dropped 3.19% over the last 31 hours, closely aligning with the overall market decline.

There is no evidence of a Stable specific catalyst or event that caused this drop, with no clear coin level drivers identified in the same window.

Rising yields on US Treasuries and higher rate expectations from the Fed also contributed to the risk-off swing, putting pressure on all risk assets, including large cap altcoins like STABLE.