Leading cryptocurrencies slipped on Wednesday as the Senate Banking Committee gears up to vote on the Clarity Act.

Crypto Market Lags

Bitcoin dipped below $79,000 during early trading but staged a partial recovery by late evening. Ethereum fell to an intraday low of $2,233, but Dogecoin bucked the trend with nearly 3% gains.

These moves come ahead of the much-anticipated markup of the Clarity Act, a comprehensive legislation that would give U.S. cryptocurrency holders clear regulatory rules.

Over $370 million was liquidated in the past 24 hours, with long position traders again bearing the brunt of the losses, according to Coinglass data.

Bitcoin’s open interest rose marginally by 0.28$ over…

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