"On Thursday, the Senate Agriculture Committee advanced a bill that would establish a federal regulatory framework for cryptocurrencies. The bill's future prospects seem dim, but it resulted in a sizable crash for Bitcoin, which fell to around $84,000 - its nadir for 2026 so far. Other prominent digital currencies like Ethereum and Doge fell it with, tumbling as much as 6 percent."
"Now, as crypto analysts speculate whether further downfalls are in Bitcoin's future, crypto bros are struggling to maintain a cohesive narrative in the face of such epic volatility. Some were frustrated that a rising tide in the stock market didn't lift the Bitcoin boat. "Stocks go up, crypto stays flat. Stocks go down, crypto goes down," posted crypto guru João Leite on X-formerly-Twitter. "Amazing tech.""
"Others compared Bitcoin to gold futures, which have been volatile day-to-day, but are up to record highs overall. "Make it make sense," another crypto poster wrote. "Gold is up 193 percent over the last 5 years and everyone and their mother is talking about buying. Bitcoin is up 146 percent over the last 5 years after a pullback and everyone and their is [sic] completely oblivious to the price. BTW #Bitcoin is actually finite unlike Gold.""
The Senate Agriculture Committee advanced a bill to establish a federal regulatory framework for cryptocurrencies. The bill's future prospects appear dim, but the move prompted a sizable crash in Bitcoin to about $84,000, its nadir for 2026. Other major cryptocurrencies including Ethereum and Dogecoin fell alongside Bitcoin, slipping as much as six percent. Crypto analysts debated the potential for further declines amid the volatility, while market participants and online communities expressed confusion and frustration. Some observers noted that rising stock markets failed to buoy crypto, others compared Bitcoin's multi-year gains to gold, and some accused market manipulators of driving the sell-off.
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