A single failed Senate vote this week wiped nearly 4% of the entire crypto market’s value, and over 500 million dollars in forced liquidations across the market in the hours that followed. Bitcoin fell. Ethereum fell. Chainlink, Aave, Bitcoin Cash, Aptos, Ethena- every major name fell, most of them with no company-specific news of their own at all. This wasn’t a hack, scandal, or technical failure – this was a legislative procedure vote that didn’t pass.
This article goes over exactly what happened, why leverage turns a political disappointment into a violent marketwide selloff, and why some coins fell far harder than others during the event.
What actually happened
The Senate failed to advance the CLARITY Act, a bill meant to set clearer…
