Crypto Traders Lose $571M After U.S. Senate Blocks CLARITY Act
A failed Senate vote to advance the CLARITY Act triggered about $571 million in liquidations, unwinding a rally built on hopes of regulatory progress.
AfroEuropa Newsroom
AfroEuropa desk
Crypto traders wagering on continued price gains lost roughly $571 million over a 24-hour period after the U.S. Senate declined to advance the CLARITY Act, according to reporting by BitKE citing CoinGlass data. The setback erased a rally that had been fuelled by expectations that the legislation would move forward.
Long positions made up the bulk of the losses, at about $571 million, against roughly $100 million in short liquidations. BitKE reported that the long-liquidation total was the largest since August 22, 2026.
Bitcoin and ether traders absorbed the heaviest losses, with about $190 million in long positions wiped out for each. XRP longs accounted for around $30 million and Solana longs for about $22 million.
Keep reading
ZARU Becomes First African Stablecoin to Go Live on Circle's Arc Blockchain
South Africa's institutional rand-backed stablecoin ZARU has launched on Circle's Arc blockchain and joins Circle StableFX as a founding currency pair.
Other highlights
Irish Regulator Fines Google 403 Million Euros Over Location Data Handling
Ireland's Data Protection Commission has fined Google more than 403 million euros for its processing of European users' location history and web activity.
Follow the story
One newsletter, two continents
The Bridge brings you the tech, startups, and leaders moving between Africa and Europe in one sharp email each morning. No spam, unsubscribe anytime.
