Crypto Market Dips as CLARITY Act Vote Keeps $2.6T Floor

The U.S. crypto market slipped 0.32% to $2.66 trillion after the Senate Banking Committee approved the Digital Asset Market Clarity Act in a 15-9 vote yesterday in Washington. The committee vote established a $2.6 trillion support level for total market capitalization.

The bill divides regulatory oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission and sets clearer rules for exchanges, decentralized finance protocols and stablecoins.

Traders treated the $2.6 trillion mark as a structural floor, roughly the 0.236 Fibonacci retracement level, and the market’s $8.52 billion decline did not push total capitalization below that line. The 20-day, 50-day and 100-day exponential moving averages sit below current market levels; the 200-day EMA remains at $2.74 trillion above the market.

Bitcoin traded near $80,862 on the eight-hour chart and held the 20-period EMA cluster around $80,500, which aligns with the 0.382 Fibonacci level at about $80,490. BTC’s May 6 peak stands at $82,844; an eight-hour or daily close above that level would reopen a near-term uptrend. A decisive break below $80,490 would expose supports at about $79,519, the 50-period EMA near $79,610, $77,948 and the 100-period EMA near $77,743.

Smaller-cap tokens showed larger moves. Sui fell about 3% to $1.16 and was roughly 17% below its May 10 high of $1.41 after a flag-and-pole pattern that earlier supported a 60.6% rally failed. Selling volume on SUI has cooled, which market observers described as profit-taking rather than broad distribution. Immediate support for SUI is at the 0.5 Fibonacci level near $1.14; reclaiming $1.28 would put $1.41 back in view, while a break under $1.14 would expose $1.08 and the $1 threshold.

Corporate and derivatives activity added detail to the session. Forward Industries, the largest corporate holder of Solana, posted a $283 million net loss for its fiscal second quarter driven by markdowns to its SOL treasury, while staking revenue rose to $13 million. Dogecoin futures open interest rose 5.09% and volume increased 81.62% to $3.99 billion, with trading activity shifting toward DOGE as volume in Bitcoin, Ethereum, XRP and Solana cooled.

Market technicians identified $2.72 trillion as the immediate upside target if the $2.6 trillion floor holds; a sustained break below $2.6 trillion would put $2.53 trillion and $2.47 trillion into view. The Senate committee approval does not finalize the bill; it must pass further legislative steps before becoming law. Market participants adjusted short-term positions and are watching whether the $2.6 trillion support and key Bitcoin EMAs hold in coming sessions.