A rally that carried bitcoin BTC$77,694.47 to $79,427 on Monday unwound on Tuesday, leaving the largest cryptocurrency at $76,862, down 1.7% since midnight UTC and 6.6% below the month’s $82,284 high set on Sept. 4. Ether ETH$2,485.60 fell 1.6% to $2,474.76 and solana (SOL) lost 2% at $100.43.
Polymarket odds on the U.S. Clarity Act being signed into law this year followed a similar trajectory, reaching 34% on Monday before sliding back to 17%. The drop was caused by news that Democrats had crafted a counterproposal after rejecting a revised draft Republican negotiators circulated on Sunday. The sticking point is the ethics language governing officials' crypto holdings rather than the market structure provisions themselves.
The Senate votes at 2:15 p.m. ET on whether to invoke cloture, or force a vote, on the bill. If the bill passes, that would move the industry closer to its first clear set of U.S. rules on who regulates what. A failure would likely shelve market structure legislation until after the midterm elections in November.
Selling pressure was near universal on Tuesday, with 92 of the CoinDesk 100 constituents lower on the day and the index itself down 1.6%.
Traditional markets moved the other way, with Nasdaq 100 index futures gaining 0.43% and S&P 500 index futures addeing 0.35% as some of Monday's AI-driven selloff reversed. The Dollar Index rose by 0.17%, making Tuesday's decline a crypto-specific affair and reversing the pattern of 24 hours earlier, when crypto was the only major asset class in the black.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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