The US Senate rejected the Clarity Act on Tuesday, failing to reach the 60-vote threshold needed to advance the bill that aimed to establish a federal framework for crypto markets in the United States. Bitcoin dropped below $75,000, with approximately $70 billion in market capitalization erased from the crypto market in twenty minutes and $275 million in long positions liquidated during the same period. Ethereum fell 5.19% below the $2,400 level. The Federal Reserve meets Wednesday with a 93% probability of a 25 basis point rate hike, which could intensify downward pressure on risky assets in a market already weakened by the lack of a clear regulatory framework in the United States.
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