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Leading cryptocurrencies slipped on Wednesday as the Senate Banking Committee prepared to vote on the Clarity Act. Bitcoin dipped below $79,000 during early trading before partially recovering by late evening. Ethereum fell to an intraday low of $2,233, while Dogecoin bucked the broader trend with nearly 3% gains.
The moves came ahead of the markup of the Clarity Act, a comprehensive piece of legislation intended to provide U.S. cryptocurrency holders with clearer regulatory rules. Over the past 24 hours, more than $370 million was liquidated, with long position traders reportedly taking the brunt of the losses, according to Coinglass data.
Bitcoin’s open interest rose marginally by 0.28% over the last 24 hours. Derivatives sentiment among traders on Binance, including retail and whales, remained neutral. However, broader market sentiment reflected fear, with the Crypto Fear & Greed Index indicating “fear” conditions.
The global cryptocurrency market capitalization stood at $2.65 trillion, following a 1.34% dip over the last 24 hours.
In related market moves, stocks rebounded amid President Trump’s China visit. The S&P 500 rose 0.58% to close at 7,444.25, while the Nasdaq Composite gained 1.2% to end at 26,402.34. The Dow Jones Industrial Average fell 67.36 points, or 0.14%, to close at 49,693.20.
Widely followed cryptocurrency analyst Ali Martinez said Bitcoin may have faced rejection at $82,500 and forecast a potential retest of its 50-day moving average at $75,000 in the days ahead. CryptoQuant also pointed to elevated selling-pressure risk, noting that Bitcoin traders’ unrealized profit margins have reached levels not seen in nearly a year. CryptoQuant added that the last time margins reached similar levels while Bitcoin tested the 200-day moving average was in March 2022, shortly before a downtrend resumed.
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