Crypto longs worth $570 million wiped out as Clarity Act fails and prices slide
The failure of the Clarity Act in Washington triggered a broad crypto market sell-off, wiping out $570 million in leveraged long positions and driving down major assets like XRP and Bitcoin.
- The Clarity Act failed to pass, triggering market liquidations.
- Over $570 million in crypto long positions were wiped out.
- XRP sank 10% and Bitcoin slid toward $76,000 following the legislative failure.
Sources
- CoinDesk — U.S. House's tax committee advances crypto tax bill in wake of Clarity Act loss
- CoinDesk — Bitcoin ETFs shed $450 million as Clarity Act fails
- The Independent — Trump dealt major crypto blow after making $1.4bn from family ventures
- CoinDesk — Crypto longs worth $570 million wiped out as Clarity Act fails
- CoinDesk — XRP sinks 10% as the Clarity Act fails and bitcoin slides toward $76,000
- CNBC — Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry