Overnight, the crypto market faced a double squeeze from “policy + rate hikes”: the U.S. Digital Asset Market Clarity/Clarity Act failed to pass a procedural vote in the Senate (49 in favor/50 against, falling short of the 60 votes required), delaying SEC/CFTC jurisdictional divisions, exchange registration, and stablecoin rules, causing compliance expectations to fall through; compounded by the 10-year U.S. Treasury yield briefly reaching 5.04% and expectations of a Fed rate hike/25 bp hike to 3.75%–4% in September if implemented, liquidity tightened. $ETH

Market reaction: BTC briefly fell below $76,000, with a low of around $74,900; ETH fell more than 8%, XRP about 10%, while SOL/DOGE/ZEC followed lower; approximately 115,000–120,000 accounts were liquidated over 24 hours, totaling $670 million, and concept stocks such as Coinbase/Circle plunged.

Outlook: In the short term, regulatory uncertainty and rising real interest rates will pressure institutional inflows, ETF balance-sheet expansion, and altcoin valuations; in the medium term, if the SEC/CFTC pursue administrative rulemaking and stablecoin and tokenization pilot programs advance, this could partially offset the legislative vacuum. In terms of operations, reduce leverage and watch the $74,000–$76,000 BTC support zone and turning point in Treasury yields. $NVDA

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