Why Are Bitcoin, Ethereum and XRP Prices Crashing Today?

Bitcoin has dropped to $76,426.03, down 2.9% over 24 hours, fully erasing its recent pump as markets grow uneasy ahead of today’s critical Senate vote on the CLARITY Act. Ethereum fell below $2,500 to $2,423.76, down 3.8%, while XRP slipped to $1.40. More than $200 million in crypto positions have been liquidated over the past 12 hours. The selloff comes after Republicans rejected a counteroffer from Democrats on the bill’s ethics provisions, despite having called their latest draft “final.” Senator Cynthia Lummis’s spokesperson said the Democratic counterproposal “looks identical to their opening position at the start of recess,” signaling little movement ahead of today’s vote. Some traders see the drop as pre-vote positioning rather than a lasting trend, with one saying Bitcoin could test $74,000 before the vote, potentially setting up a sharp bounce if the CLARITY Act advances tonight.