Leading cryptocurrencies witnessed a correction Thursday, even as the Senate followed the House in passing a pro-crypto legislation.
What Happened: Bitcoin gave some of its gains clocked during the relief rally the previous day as it sank below %66,000. The second-largest cryptocurrency, Ethereum, also fell below the $3,000 zone.
The pullback caused $119 million worth of futures positions to be wiped out in the last 24 hours, with long liquidations accounting for $83 million. Bitcoin led the pack with more than $31 million in liquidations.
The drop also led to an increase in traders betting on Bitcoin's price decline vis à vis those bullish on the crypto, as evidenced by a drop in Longs/Shorts Ratio.
On an otherwise good day for the industry, the U.S. Senate passed legislation overturning SEC's controversial rule preventing highly regulated financial firms from custodying Bitcoin, a week after the House of Representatives voted in favor.
The market may be reacting to the potential of President Joe Biden vetoing the ...