Senate setback for Clarity Act triggers $571 million in crypto long liquidations

Crypto traders with bullish futures positions faced heavy losses over the past 24 hours after the Clarity Act failed to advance in a Senate procedural vote.

Exchanges liquidated roughly $571 million in long positions during that period, the largest one-day total since Aug. 22, according to CoinGlass. Short positions accounted for only about $100 million in liquidations.

Bitcoin and ether longs were hit hardest, with approximately $190 million in liquidations recorded for each asset. Analysts had previously identified ether and decentralized finance tokens as assets likely to outperform bitcoin if the Senate approved the bill. XRP longs lost around $30 million, while Solana longs saw about $22 million in liquidations.

The figures suggest traders had positioned for further gains, driven largely by expectations that the Clarity Act would move forward. Optimism had increased earlier in the week after reports that President Donald Trump was open to concessions on the bill’s ethics provisions. Bitcoin, the largest cryptocurrency by market capitalization, climbed to nearly $80,000 from about $77,000 on Monday.

Source link