Bitcoin Price Stumbles as $100 Million Liquidated Before Senate Vote

Bitcoin is trading at $77,012 today, marking a 1.1 percent drop over the last 24 hours. The decline effectively erased the gains seen earlier this week as the market braces for a high stakes event in Washington. Investors are choosing to play it safe while waiting for the outcome of the CLARITY Act cloture vote scheduled for this afternoon.

This cooling period has hit aggressive traders hard. Over 100 million dollars in leveraged positions were wiped out in the last 12 hours. The liquidation spike shows that many participants are looking to reduce their risk profile before the Senate makes its move at 2:15 PM ET.

Market watchers should keep a close eye on price volatility once the vote results are announced. Legislative clarity often dictates the direction of the next major move for Bitcoin. Whether the market recovers or slides further will likely depend on how the Senate handles the bill throughout the rest of the day.