Leading cryptocurrencies slipped on Wednesday as the Senate Banking Committee gears up to vote on the Clarity Act.

Bitcoin dipped below $79,000 during early trading but staged a partial recovery by late evening. Ethereum fell to an intraday low of $2,233, but Dogecoin bucked the trend with nearly 3% gains.

These moves come ahead of the much-anticipated markup of the Clarity Act, a comprehensive legislation that would give U.S. cryptocurrency holders clear regulatory rules.

Over $370 million was liquidated in the past 24 hours, with long position traders again bearing the brunt of the losses, according to Coinglass data.

Bitcoin’s open interest rose marginally by 0.28$ over the last 24 hours. Sentiment among derivatives traders on Binance, including retail and whales, remained “Neutral.”

“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.65 trillion, following a dip of 1.34% over the last 24 hours.

Major indexes soared back to record highs. The S&P 500 rose 0.58% to close at 7,444.256 , while the tech-heavy Nasdaq Composite gained 1.2% to end at 26,402.34. The Dow Jones Industrial Average, meanwhile,lost 67.36 points, or 0.14%, to close at 49,693.20.

Widely followed cryptocurrency analyst Ali Martinez stated that Bitcoin may have faced rejection at $82,500, forecasting a potential retest of its 50-day simple moving average at $75,000 in the days ahead.

Blockchain analytics firm CryptoQuant highlighted that Bitcoin traders’ unrealized profit margins has hit values not seen in nearly a year, indicating high selling pressure risk.

“The last time margins reached these levels while Bitcoin tested the 200-day MA [Moving Average] was March 2022, just before the downtrend resumed,” CryptoQuant added.

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