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▲ Cryptocurrency Regulation, Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/AI Generated Image
As the U.S. cryptocurrency market structure bill was scuttled in a procedural vote in the Senate, a fierce sell-off spread across the cryptocurrency market.
According to CoinGape, a cryptocurrency specialized media outlet, on September 16 (local time), Bitcoin (BTC) fell below $76,000. Ethereum (ETH) broke the $2,400 level, and XRP broke the $1.3 level. In particular, XRP recorded the largest drop among the three assets.
The market plunge coincided with the failure of the procedural vote on the U.S. cryptocurrency market structure bill in the Senate. In the vote to proceed with the bill's deliberation, there were 49 votes in favor and 50 against. It was 11 votes short of the required 60 votes. Four Republican senators also voted against it along with Democratic senators.
One of the contentious issues was an ethics clause dealing with the cryptocurrency interests of senior federal officials. Democrats argued that the relevant clause did not sufficiently address the conflict of interest issues of federal officials, including U.S. President Donald Trump and his family. Republicans added content related to ethics restrictions and enforcement before the vote, but failed to secure the necessary support for the procedural vote.
Large-scale liquidations occurred in the derivatives market. According to CoinGlass, the total 24-hour liquidation amount was $669.71 million. Long position liquidations amounted to $571.64 million, and short position liquidations amounted to $98.06 million. The number of liquidated investors reached 116,199. Bitcoin-related liquidations were approximately $231.63 million, and Ethereum-related liquidations were approximately $220.77 million.
[Key Summary of the Article]
-The U.S. cryptocurrency market structure bill failed to pass the 60-vote threshold in a Senate procedural vote, with 49 votes in favor and 50 against.
-Bitcoin fell by 3.7%, Ethereum by 5.2%, and XRP by 7.3% respectively.
-The 24-hour cryptocurrency liquidation amount was tallied at $669.71 million, with long position liquidations accounting for $571.64 million.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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