US Clarity Act Failure Triggers Cryptocurrency Decline Amid Rate Hike Uncertainty
The US Clarity Act has failed to pass in the Senate, sparking a decline of 4-7% in cryptocurrency tokens. The bill aimed to impose stricter rules on US President's personal investments in crypto ventures, but it fell short with a 49-250 vote, missing the required 60 votes. Bitcoin has dropped to $75,000, down from its January high of $96,000 and October 2020 all-time high of $1 lakh 24 thousand.
Standard Chartered forecasts that Arbitrum's price could surge to nearly $10 by 2030, a 70-fold increase. However, the market is also awaiting the FOMC decision, with a 94% probability of a rate hike, which could negatively impact cryptocurrencies. Meanwhile, Robinhood engineers face fraud charges over alleged insider trading linked to internal crypto listing decisions.