【Flash Crash】In the early hours of last night, the U.S. Senate held a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act), which was rejected 50:49 after failing to reach the 60-vote threshold. The crypto market plunged in response, with prices across the board hitting new lows since June.

【Market Snapshot】BTC briefly plunged more than 5%, dipping to $74,910 and currently trading at around $75.6k, breaking below the $76k level; ETH fell even harder, briefly dropping below $2,400 and highlighting its high-beta characteristics; SOL fell below $100, while XRP slumped nearly 10% to lead losses among major coins. Nearly 120k positions were liquidated across the market over the past 24 hours, involving approximately $670 million, of which $570 million were long positions.

【Triple Bearish Factors】① Regulatory implementation failed, potentially delaying the compliance process until 2027; ② Expectations of a Fed rate hike have surged above 90%, while the 10-year U.S. Treasury yield broke above 5%; ③ Middle East tensions pushed oil prices above $100, putting risk assets under broad pressure.

【Focus Ahead】Tonight’s FOMC decision is the ultimate variable—the market has already priced in a 25-basis-point rate hike, with the key issue being the wording on subsequent tightening. In the short term, watch the $72.8k support for BTC and $2,350 for ETH. $NVDA

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