Why Did COIN, HOOD, MSTR, ASST, BMNR Stocks Fall Today?

Bitcoin and crypto-related stocks fell sharply on Tuesday after the Senate failed to advance the CLARITY Act.

• The vote was 50-49 in favor, falling short of 10 votes to reach the 60-vote threshold that was required to advance the legislation. 
• Four Republican senators, Jerry Moran, Susan Collins, Josh Hawley and Thom ​Tillis, joined the Democrats in voting against the bill.
• Patrick Witt, the Executive Director of the President's Council of Advisors for Digital Assets at the White House, said the vote was “a major disappointment” and “a failure of American leadership.”

Bitcoin (BTC) prices and cryptocurrency-related stocks declined sharply on Tuesday after The CLARITY Act, a key bill for regulation of digital assets, failed to advance in the Senate on Tuesday.

BTC prices fell more than 3% to $75,792.30 at the time of writing. Meanwhile, Coinbase Global Inc. (COIN), Robinhood Markets Inc. (HOOD), Strategy (MSTR), Strive Inc. (ASST) and BitMine Immersion Technologies Inc. (BMNR) all declined at close and continued to fall in the overnight session. 

COIN stock fell more than 10% at close, while BMNR stock slumped more than 8%. HOOD stock declined more than 3%, while MSTR and ASST stocks fell more than 5% each.