Bitcoin traded within a tight range as uncertainty surrounding U.S. crypto regulation weighed on market momentum. Discussions at the White House regarding the proposed CLARITY Act — legislation intended to establish clearer federal guidelines for digital assets — did not produce a breakthrough, leaving investors cautious.
Data from CoinGlass showed that roughly $213 million in crypto positions were liquidated over the past 24 hours. Long traders accounted for nearly 70% of those losses, highlighting pressure on bullish bets. Bitcoin hovered near $68,640, slipping about 1.6% compared to the previous day. Retail sentiment indicators reflected a bearish bias toward BTC, while overall social media engagement cooled from earlier elevated levels.
Ripple’s Chief Legal Officer Stuart Alderoty characterized the recent policy meeting as constructive, hinting that progress may be underway despite the absence of a finalized agreement.
LayerZero Gains Momentum With High-Profile Support
While major cryptocurrencies struggled to gain traction, LayerZero (ZRO) stood out. The token rallied more than 25% after unveiling its own blockchain network. Investor interest intensified following the announcement that Ark Invest CEO Cathie Wood joined the project’s advisory board.
LayerZero further strengthened its credibility by adding Michael Blaugrund from Intercontinental Exchange and former BNY Mellon executive Caroline Butler to its advisory team.
ZRO traded around $2.36 during the surge. Liquidation activity spiked sharply, including a notable $1.7 million wipeout within a single hour. Overall liquidation levels were significantly above recent averages, signaling heightened volatility. Retail sentiment shifted strongly positive as online discussion surged.
Altcoins See Continued Selling Pressure
The broader altcoin market experienced declines:
- Ethereum (ETH) dropped 2.5% to around $2,011, with nearly $60 million in liquidations.
- Solana (SOL) slid 3.1% to roughly $83, recording more than $8 million in liquidations.
- XRP fell 2.2% to about $1.40, with close to $3.8 million liquidated.
- Dogecoin (DOGE) declined 2.1% to approximately $0.092, seeing $1.45 million in liquidations.
- Binance Coin (BNB) dipped 1.8% to near $619, with about $800,000 in forced closures.
Despite the downturn, retail sentiment across several major altcoins remained broadly optimistic, although conversation volumes have eased compared to recent peaks.
As regulatory clarity remains elusive and leveraged positions continue to unwind, the crypto market appears to be in a wait-and-see phase, searching for its next catalyst.
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