Leading cryptocurrencies fell sharply on Monday as investors weighed developments around the Clarity Act and a pause in U.S.–Iran hostilities.

Crypto Market Tumbles

Bitcoin nearly dived below $63,000 in a sharp evening sell-off, while Ethereum fell to $1,860 as 24-hour trading volume more than doubled.

Over $670 million was liquidated from the cryptocurrency market in the last 24 hours, with $533 million in bullish long positions wiped out, according to Coinglass data

Bitcoin’s open interest fell nearly 2% over the last 24 hours. That said, derivatives traders on Binance stayed net-bullish on the apex cryptocurrency.

“Fear” sentiment prevailed in the market, according…