Crypto longs worth $570 million wiped out as Clarity Act fails
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The rally began to unwind about 24 hours ago as reports circulated that Democrats were still holding the line. Those reports proved accurate. The bill failed to clear the Senate’s 60-vote procedural hurdle. The effort is not entirely over. The CFTC and SEC can still move ahead with their own rule making. In other words, the regulatory momentum has shifted entirely to the executive branch and independent agencies following the U.S. Senate’s 49–50 procedural vote blocking the CLARITY Act.
Liquidations occur when the market moves against a trader’s futures position and mark-to-market losses mount. If the collateral posted to back the trade is no longer enough to protect it, the trader must add funds or the exchange force-closes the position.
Forced liquidations can amplify volatility, though the damage so far looks contained. As of this writing, bitcoin was changing hands around $75,700, still inside its recent range, CoinDesk data show.
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