Bitcoin exchange demand on Coinbase declined after the US Senate voted against the CLARITY Act, while traders sent BTC to exchanges at an unrealized loss.
Circle and Coinbase shares fell about 10% as the failed Senate vote weighed on crypto-linked equities, with Bitcoin miners and treasury companies also declining.
Bitcoin price action weakened over market nerves prior to the Senate CLARITY Act vote, while surging bond yields pressured risk assets across the board.