Digital Asset Market Clarity Act fails, Bitcoin ETFs lose $450 million
Business
Bitcoin ETFs in the US saw $450 million pulled out on Tuesday, the biggest outflow since June 25, right after the Senate failed to advance the Digital Asset Market Clarity Act.
The bill missed approval by about 10 votes, with seven Democrats voting against it.
Even with all this drama, Bitcoin's price held steady at $75,679 overnight, though it's still 8% below its early September high.
Over $570 million leveraged futures liquidated
Crypto markets took a hit: the CoinDesk 20 Index dropped 4.6%, and over $570 million in leveraged futures got liquidated as traders turned more bearish (shorts made up 51.5% of trades).
Meanwhile, traditional markets barely blinked and stayed mostly stable.
With this bill blocked, any big changes to US crypto rules are likely on hold for now.