As the key vote on CLARITY Act in the U.S. Senate approaches, market sentiment has weakened, and the prices of Bitcoin, Ethereum, and XRP have fallen in tandem. In the past 12 hours, over $200 million in positions in the crypto market have been liquidated.
Bitcoin falls back below $76,000
Bitcoin once fell to $76,426.03, a decrease of 2.9% within 24 hours. The previous gains have been largely wiped out, and traders have begun to re-evaluate their positions before the bill voting.
Ethereum and XRP both decline in value simultaneously
Ethereum fell below $2,500 to $2,423.76, a decrease of 3.8%. XRP also dropped to $1.40, indicating that mainstream crypto assets were under pressure at the same time.
Position adjustments before voting exacerbate volatility
The market decline occurred after the Republican Party rejected the Democratic Party's counterproposal to the ethical provisions of the bill. A spokesperson for Senator Cynthia Lummis stated that the opposing proposal "was almost identical to the stance at the beginning of the recess," which dampened market expectations for progress before tonight's vote.
- Clearing amount in the past 12 hours exceeded 200 million US dollars.
- Traders expect Bitcoin to possibly test 74,000 US dollars first.
- If CLARITY Act is advanced, the market may experience a rapid rebound.
