India, Sept. 16 -- The crypto market faces a fresh bout of stress after the US Senate's failure to move forward with the CLARITY Act, which marks another setback in attempts to develop a comprehensive federal regulatory framework around digital currencies. The Senate vote stands at 50-49, short of the 60 votes needed to move forward with the bill.

It was preceded by a decline in the value of the leading cryptocurrencies, with Bitcoin dipping under $75,000, Ethereum falling below $2,500 and XRP down by almost 10% however, attributing the whole crypto market crash to the CLARITY Act alone would be too simplistic an approach. Regulatorily uncertain times coincided with trader sentiment being poor and the Fed looming large on the horizon.

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