Crypto longs worth $570 million wiped out as Clarity Act fails
Bullish crypto futures bets worth millions have been liquidated in 24 hours. Bitcoin and ether longs have taken in the most losses.
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Summary
- Crypto exchanges liquidated about $571 million in bullish futures positions after the Clarity Act failed to clear the Senate’s 60-vote procedural hurdle.
- Bitcoin and ether longs suffered the largest losses, at roughly $190 million each, as markets reversed a rally fueled by hopes that the bill would advance.
- Bitcoin remained within its recent trading range at about $75,700, while regulatory action now shifts to the executive branch, the CFTC and the SEC.
