The CLARITY Act vote could send crypto to US$2.73T or crash it to US$2.6T
Asian and global stocks declined today as the benchmark US 10-year Treasury yield climbed above the critical five per cent threshold. That level pressures risk assets because it raises the discount rate applied to future corporate earnings. Semiconductor shares sold off sharply, dragging technology-heavy indices from Tokyo to New York. Investors are weighing two overlapping […] The post The…
The Senate scheduled a cloture vote on the Digital Asset Market Clarity Act for September 15, aiming to clarify regulatory authority between the SEC and CFTC. This bill, requiring 60 votes to advance, provided political clarity despite the broader risk-off environment in equities. Crypto markets showed resilience, with Bitcoin climbing 1.58% to $78,119.75, outperforming a stagnant tech sector.
The total crypto market capitalization increased 1.6% to $2.66 trillion, influenced by a 31% chance of passage for the CLARITY Act and a sharp Ethereum short squeeze, wiping out $105 million in shorts. Bitcoin found support at the 50% Fibonacci retracement level, with potential resistance at $79,000 to $80,000. The 30-day SMA of $2.61 trillion serves as a downside level to monitor.
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