Bitcoin Falls Under $76,000 After the Senate Stalls the CLARITY Act. Why BTC Took the Smallest Hit at 1.5%

Bitcoin (CRYPTO:BTC) fell to around $75,800 on September 16 after losing roughly 1.5%, but the bigger move was elsewhere in crypto. XRP (CRYPTO:XRP) fell nearly 8%, compared with declines of about 3% for Ethereum (CRYPTO:ETH) and 3.5% for Solana (CRYPTO:SOL). …

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Bitcoin (CRYPTO:BTC) fell to around $75,800 on September 16 after losing roughly 1.5%, but the bigger move was elsewhere in crypto. XRP (CRYPTO:XRP) fell nearly 8%, compared with declines of about 3% for Ethereum (CRYPTO:ETH) and 3.5% for Solana (CRYPTO:SOL). 

This decline came after the Senate failed to advance the CLARITY Act, a market structure bill that would divide U.S. crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The vote was widely expected to fail, and Bitcoin’s regulatory status as a commodity was not the main uncertainty facing the largest cryptocurrency. Yet BTC still sold off alongside the rest of the market, while XRP took a much larger hit. So what drove the September 15 selloff, and why did Bitcoin hold up so much better than XRP?