Bitcoin Reserve Bill Rejected Again; Price May Plunge to $70,000!

TradingKey – The Bitcoin Reserve Bill has been rejected once again, causing Bitcoin’s price to plummet near $90,000. Meanwhile, BitMEX co-founder Arthur Hayes continues to predict a drop to $70,000.

On Tuesday, the Bitcoin Reserve Bill faced another rejection, resulting in a significant drop in Bitcoin's price. Over the past 24 hours, Bitcoin's value fell nearly 5%, hitting a low of $90,912 and once again approaching the $90,000 mark.

Bitcoin Price Chart, Source: TradingView.

The decline in Bitcoin’s price has triggered a widespread downturn across the crypto market, leading to a significant number of liquidations. According to data, in the past 24 hours, 318,000 traders were liquidated, totaling a staggering $960 million, with long positions making up nearly 93%.

Crypto Market Liquidation Data, Source: CoinGlass.

Early this morning, the South Dakota House Committee on Commerce and Energy decided to postpone consideration of HB 1202 until the '41st day' of the current legislative session. This means the state will not be including Bitcoin as an official investment option for the time being, as the legislative session lasts a maximum of 40 days. Just a day earlier, Montana also rejected the Bitcoin Reserve Bill.

So, will Bitcoin fall below $90,000? BitMEX co-founder Arthur Hayes remains pessimistic, predicting that Bitcoin could drop as low as $70,000.