Bitcoin’s price has plunged to slightly below $75,000 in minutes, losing more than 2.3% throughout the past 24 hours.
The sudden move comes immediately after it became evident that the Digital Asset Markets CLARITY Act will not get the necessary votes to advance without further debate.
The move also comes amid a massive uptick in liquidations, which soared by over 200% in the past day. The total number is currently around $760 million, where over $290 million of that were liquidated in the past hour alone, amid the serious volatility.
The rest of the market is also going through similar price action. Ethereum (ETH) is down by about 3.5%, Solana by 2.2%, TRX by 2.2%, HYPE by 3.8%, and so forth.
The failure of the Senate to advance the bill doesn’t mean that the legislation is essentially dead. Instead, it means that debates can continue, which will delay it further. Many sponsors have withdrawn their proposed legislation in the past following failure to advance at this stage, but whether or not this will happen to the CLARITY Act remains to be seen.
Keep in mind that tomorrow the US Federal Reserve will also convene to announce their decision on interest rates, which is also likely to cause substantial volatility in the markets.
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