- Bitcoin fell to $75,827.27, down for both the day and the week.
- CLARITY Act failed its Senate cloture vote 49-50, missing 60 needed.
- Coinbase, Circle, and BitMine stocks all fell over 10 percent Tuesday.
The global crypto market cap fell 2.6% to $2.67 trillion over the past 24 hours. Bitcoin traded at $75,827.27, down 2.7% on the day and down 3.8% over the past week. Ethereum changed hands at $2,402.03, down 4.4% in 24 hours and down 3.7% over seven days.
BNB fell 1.1% to $714.69, down 5.0% weekly. XRP dropped 8.9% to $1.30, down 8.4% over the week. Solana slid 4.7% to $97.33, down 6.1% over seven days.
The selloff gained steam after the Senate’s CLARITY Act cloture vote failed 49-50 on September 15, well short of the 60 votes needed to advance debate. All Democratic and independent senators present voted against the bill, joined by Republicans Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis.
Bitcoin fell about 4% in the immediate aftermath, with Coinbase and Circle stock falling even harder. Prediction markets cut the odds of the bill becoming law in 2026 to single digits.
Trending Searches
Firo led trending searches, up 9.2% to $0.8423. Arbitrum followed, up 14.7% to $0.1538, and STONK fell 23.5% to $0.1522. Among top gainers, Orbio.so surged 147.7% to $0.03182, BLORB climbed 73.2% to $0.1129, and Akedo rose 68.9% to $0.02671.
Market Fallout From the Failed Vote
Coinbase stock fell 10.12% intraday to $172.07, Circle dropped 10.23% to $87.39, and BitMine fell 10.08% to $23.19, according to market data. Tillis has since filed a motion to reconsider, leaving the door open for further Senate action.
Bitwise Chief Investment Officer Matt Hougan said the U.S. is sacrificing an opportunity to make the crypto industry safer for short-term political gains. Coinbase CEO Brian Armstrong said the industry can no longer wait for Congress, arguing the SEC and CFTC already have sufficient authority to set clear rules.
Hyperliquid Policy Center CEO Jake Chervinsky called the outcome “no bill rather than a bad bill,” noting that 18 months of negotiation held firm on principle.
Bond Market Pressure
Treasury Secretary Scott Bessent testified before the House Financial Services Committee as the 10-year Treasury yield pushed toward the closely watched 5.25% threshold. Asked about Tuesday’s yield rise, Bessent attributed it to “global issues” and separately cited rising oil prices as the main driver.
He said the Treasury remains committed to maintaining the robustness and depth of the bond market, and that a 3% fiscal deficit target is crucial for beginning to pay down debt. Japanese government bond yields also climbed across the board, with the 30-year JGB reaching 4.19%.
Regulatory and Legal Developments
The U.S. Attorney’s Office for the Southern District of New York charged two former Robinhood engineers, Hefu Chai and Huaisong Xiang, with using stolen inside information about upcoming crypto listings to trade perpetual contracts on Hyperliquid ahead of announcements, each profiting more than $50,000. Both face charges under the Commodity Exchange Act and for wire fraud.
Related: Robinhood Engineers Charged Over Alleged Crypto Listing Trading Scheme
Whale and Trading Activity
Trader Machi Big Brother’s high-leverage long ETH position, which grew from roughly $150,000 to $12.3 million in August, has retraced to about $1 million as ETH oscillated in the $2,400 to $2,600 range through September, according to on-chain analyst EmberCN.
Abraxas Capital added another 13,700 ETH in spot purchases worth approximately $34.24 million while its Hyperliquid short position approached $1 billion, including a 178,532 ETH short worth roughly $437 million.
Related: Crypto Clarity Act Fails Senate Vote, Stalling US Market Rules Push
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