Crypto-linked shares fell after the Digital Asset Market Clarity Act received a 49-50 procedural vote in the Senate, while bitcoin and ether also declined and crypto liquidations increased.
Crypto stocks slide after Senate procedural vote
Crypto-linked shares fell after the Digital Asset Market Clarity Act received a 49-50 procedural vote in the Senate. The vote needed 60 votes to advance. Coinbase was down nearly 9%, while Coinbase, Circle and Galaxy each fell more than 8%.
Bitcoin and ether also retreat
Bitcoin fell 3% and briefly dropped below $75,000, while ether fell 5%. Bitcoin later climbed back to around $76,000 at the time of writing.
Liquidations add to the market pressure
Bitcoin, the largest cryptocurrency by market value, was changing hands around $75,700 and remained inside its recent range. The liquidation tally was the highest since Aug. 22.
What the bill would have done
The bill would have set rules for how different cryptocurrencies and blockchain projects are treated in the U.S. It also would have given the Commodity Futures Trading Commission greater authority over crypto spot markets.
Key prices to track
- Coinbase traded at $174.42.
- Circle’s share price was $88.26.
- Coinbase’s reported share price was $174.42.