Cathie Wood sells crypto stocks as Bitcoin slides ahead of Senate vote
Odds of the crypto regulation bill passing this year fell to 19% on Tuesday, according to prediction market Polymarket
Investors in the cryptocurrency space are bracing for the outcome of a significant Senate vote on the Clarity Act, a bill that aims to further legitimize the industry through expanded regulations. Introduced over a year ago, the Clarity Act, which has received support from Senate Republicans, now faces a crucial vote that requires approval from at least seven Democratic senators to meet the 60 votes necessary for passage.
Despite ongoing negotiations and even concessions from former President Trump, who pledged not to sell his meme coins and place his holdings in a blind trust, the bill still faces uncertainty. This lack of certainty is evident in the decline of top cryptocurrencies and the stock prices of companies closely tied to the crypto industry.
Pre-market trading on Tuesday saw Bitcoin (BTC-USD) down by 1.05%, XRP dropping 1.79%, and Ethereum (ETH-USD) falling 1.13%. Additionally, crypto-related stocks such as Circle Internet Group Inc. (CRCL) declined 5.05%, Coinbase Global Inc. (COIN) slipped 4.49%, and Robinhood Markets Inc. (HOOD) fell 2.20%.
The impact extends to crypto mining firms as well, with CleanSpark, Inc. (CLSK) down 1.21%, MARA Holdings, Inc. (MARA) falling 1.57%, and Riot Platforms, Inc. (RIOT) experiencing a decrease of 0.76%. These developments highlight the market's sensitivity to the bill's prospects and underscore the importance of the Clarity Act in shaping the future of the cryptocurrency landscape.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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