Bitcoin dropped nearly 2% to trade below $64,700, wiping out around $20 billion in market cap and triggering $42.3 million in liquidations of long positions.
Key Takeaways
Bitcoin tumbled 2% under $64,700 on Thursday due to stalling U.S. Senate progress on the CLARITY Act.President Trump’s statements on Iran and Red Sea disruptions pushed Brent crude over $101 per barrel.Bitunix analyst Dean Chen identified energy shocks, Fed policy, and liquidity as key drivers for crypto next.According to a daily chart, bitcoin initially fluctuated between $66,200 and $65,750 as markets processed reports that the U.S. Senate was closing in on an agreement on key text for the CLARITY Act. However, shortly before midnight, the cryptocurrency broke below the $65,750 support level, sliding to $65,368 before a relief rally nearly erased the losses.
Just before 7 a.m. EST, bitcoin collapsed again as a fresh sell-off wiped off nearly $1,000 over the following six hours. At the time of writing, bitcoin traded just below $64,700, reflecting a daily loss of nearly 2%. The decline dragged its market capitalization down from just over $1.32 trillion on Wednesday afternoon to $1.3 trillion.
As legislative momentum on the CLARITY Act stalled amid renewed partisan friction between Senate Republicans and Democrats, macro headwinds took center stage. Surging crude oil prices—rebounding to multi-month highs—swiftly dragged broader markets lower. Market data highlighted the pressure, with global benchmark Brent crude briefly piercing the $101-per-barrel threshold while U.S. West Texas Intermediate (WTI) leapt past $92 per barrel.
The sudden spike in energy costs immediately sent shockwaves through broader financial markets, rekindling fears of persistent, sticky inflation. According to Bitunix analyst Dean Chen, macro forces are firmly in the driver’s seat: liquidity conditions, energy volatility, and shifting Federal Reserve policy expectations represent the critical triad that will dictate risk-asset trajectory—including crypto—in the weeks ahead.
