- Cryptocurrency markets declined on Tuesday with over $213 million in total liquidations, primarily from long positions.
- Bitcoin’s price remained range-bound as regulatory talks on the CLARITY Act stalled in Washington, D.C.
- The new token LayerZero surged over 25% after gaining Cathie Wood and other Wall Street veterans as advisors.
- Major altcoins like Ethereum, Solana, and XRP saw notable price drops and liquidation events.
- Retail sentiment for Bitcoin turned ‘bearish’ on social platforms, while chatter around LayerZero spiked to ‘extremely high.’
On Tuesday, cryptocurrency markets cooled significantly amid widespread liquidations and stalled regulatory negotiations in Washington, D.C. Bitcoin’s price remained stuck near $68,600 as retail sentiment turned bearish, data shows.
CoinGlass reported $213.03 million in liquidations over 24 hours, with longs accounting for 69.5%. This leverage washout coincided with indecisive policy talks on the CLARITY Act, which aims to set federal digital asset rules.
Ripple‘s Chief Legal Officer, Stuart Alderoty, called the session “productive.” However, the regulatory uncertainty contributed to a risk-off mood across major cryptocurrencies.
Meanwhile, the new token LayerZero gained over 25%, trading around $2.36. The surge followed an announcement that Ark Invest‘s Cathie Wood had joined its advisory board, stating, “Finance is moving on-chain.”
The project also added Intercontinental Exchange’s Michael Blaugrund and former BNY Mellon executive Caroline Butler. Consequently, social chatter around ZRO jumped from ‘low’ to ‘extremely high’ on investor platforms.
Altcoin markets faced pronounced selling pressure. Ethereum fell 2.5% to $2,011, witnessing nearly $60 million in liquidations.
Solana dropped 3.1% to $83.10, while XRP declined 2.2% to $1.40. Both assets saw millions in leveraged positions being closed.
Dogecoin and Binance Coin also retreated, down 2.1% and 1.8% respectively. Retail sentiment for most altcoins, however, remained in ‘bullish’ or ‘neutral’ territory.
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