The Clarity Bill has gone cold again! A 50:50 vote was immediately shut down—crypto traders got liquidated overnight totaling $538 million. The main event is tomorrow early morning at 2 a.m. when the rate cut hits—watch that!
This time, the Senate effectively killed the “CLARITY Act.” It was 50 to 50—never even touched the edge of the 60-vote threshold. They said they would give crypto a defined identity and sort out who oversees what between the SEC and the CFTC—after more than a year of back-and-forth, it still fizzled out.
What’s especially embarrassing? The Republicans had 53 seats. In theory, full-throttle support should have delivered all 53 votes—yet four of their own flipped: Collins, Holley, Moran, and Tillis. On the Democrats’ side, the key seven people pulled absolutely none of the needed votes. Lobbying efforts went to waste. With midterm elections drawing near, lawmakers are all too scared to take sides—who would dare to casually commit?
The market voted with its feet. Bitcoin briefly dropped to 74,910, falling more than 5%. Ethereum was even worse, down 8.3% to 2,476. In a 24-hour span, the entire network saw total liquidations of $538 million, with longs accounting for $451 million—BTC liquidations were $189 million and ETH liquidations were $152 million. Abraxas Capital still held nearly $1 billion in ETH short positions, and Bitmine’s ETH also fell by 3.73%.
But honestly, failing to pass may not be a bad thing. The short-term is bearish, while the long-term actually leaves room for expectations. Bitcoin’s “will it be adopted” happened too quickly—it’s less interesting when there’s controversy. When countries used to crack down with all they had, opportunities were often greatest. The more bearish pressure at the bottom, the more upside optionality.
Right now, just focus on Thursday early morning FOMC. Whether there’s a rate hike or not, it’s the last chance before the final run. The end of the month will likely move the market. If ETH breaks 2,522, long liquidation could reach $1.388 billion; if it falls below 2,286, short liquidation could be $552 million. On Polymarket, the odds of ETH breaking 2,600 in September jumped from 50% to 73.5% within an hour.
Don’t panic—once it’s already dropped, it’s already dropped. Don’t let it drop again tomorrow 🥹
#美参议院否决CLARITY法案
#美联储加息是否已成定局
This time, the Senate effectively killed the “CLARITY Act.” It was 50 to 50—never even touched the edge of the 60-vote threshold. They said they would give crypto a defined identity and sort out who oversees what between the SEC and the CFTC—after more than a year of back-and-forth, it still fizzled out.
What’s especially embarrassing? The Republicans had 53 seats. In theory, full-throttle support should have delivered all 53 votes—yet four of their own flipped: Collins, Holley, Moran, and Tillis. On the Democrats’ side, the key seven people pulled absolutely none of the needed votes. Lobbying efforts went to waste. With midterm elections drawing near, lawmakers are all too scared to take sides—who would dare to casually commit?
The market voted with its feet. Bitcoin briefly dropped to 74,910, falling more than 5%. Ethereum was even worse, down 8.3% to 2,476. In a 24-hour span, the entire network saw total liquidations of $538 million, with longs accounting for $451 million—BTC liquidations were $189 million and ETH liquidations were $152 million. Abraxas Capital still held nearly $1 billion in ETH short positions, and Bitmine’s ETH also fell by 3.73%.
But honestly, failing to pass may not be a bad thing. The short-term is bearish, while the long-term actually leaves room for expectations. Bitcoin’s “will it be adopted” happened too quickly—it’s less interesting when there’s controversy. When countries used to crack down with all they had, opportunities were often greatest. The more bearish pressure at the bottom, the more upside optionality.
Right now, just focus on Thursday early morning FOMC. Whether there’s a rate hike or not, it’s the last chance before the final run. The end of the month will likely move the market. If ETH breaks 2,522, long liquidation could reach $1.388 billion; if it falls below 2,286, short liquidation could be $552 million. On Polymarket, the odds of ETH breaking 2,600 in September jumped from 50% to 73.5% within an hour.
Don’t panic—once it’s already dropped, it’s already dropped. Don’t let it drop again tomorrow 🥹
#美参议院否决CLARITY法案
#美联储加息是否已成定局
