VET Drops 3.5% Amid Macro Risk Off Sentiment and Interstellar Hardfork

VeChain (VET) has seen a 3.5% decline over the last day, but this is largely due to macro forces and regulatory risks rather than any specific issue with the asset itself.

The decline coincides with the failure of the US Senate's CLARITY Act in a cloture vote, which led to a sharp sell-off in Bitcoin and altcoins. This was exacerbated by the looming Federal Reserve rate hike and growing concerns over global central bank tightening.

VeChain is also undergoing an Interstellar hardfork, with VIP 255 upgrade set to deploy around September 16. While this has created some volatility, it's considered a positive development that will improve EVM compatibility and reduce friction between development and on-chain deployment for the VeChainThor chain.