Bitcoin Slips Below $78K as CLARITY Act Rally Fades, Sparking $649M Wipeout

• Bitcoin fell below $78K as CLARITY Act optimism collided with a sudden risk-off crypto selloff.
• Long traders absorbed $620.62M in losses as 95% of 24-hour crypto liquidations hit longs.
• BTC led $215.92M liquidations as inflation, oil, and Treasury yields pressured risk assets.

Bitcoin’s sharp Thursday evening rally quickly turned into one of the market’s most painful reversals this month. The asset dropped by more than $4,000 after briefly climbing toward $82K.

The move pushed Bitcoin below $78K, its lowest level since the start of the month. The selloff came as regulatory optimism from the CLARITY Act collided with inflation fears, rising yields, and heavy leverage.

Bitcoin Loses Momentum After CLARITY Act Boost

Bitcoin had already struggled to hold higher levels before the latest drop. The cryptocurrency jumped close to $83K on May 7, but sellers pushed…

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