US Crypto Market Sees Significant Downturn, Industry Leaders Urge Regulatory Clarity

The US crypto market has experienced a significant downturn in recent months, with Bitcoin's price dropping by 48.5% from its October high of $126,272 to around $65,000.

Market data reveals that nearly $2 trillion in crypto value has been erased since the peak, with the total crypto market losing about $350 billion in value during the slide.

The recent downturn followed a major crash on October 10, 2025, where Bitcoin fell by around $17,000 within minutes, resulting in the liquidation of over 1.6 million trader accounts.

Stablecoins have gained attention as an alternative to traditional cryptocurrencies, with regulators worldwide moving to create clear rules for stablecoin issuers.

The CLARITY Act aims to provide regulatory clarity and establish reserve rules for stablecoins, which is why industry leaders are urging President Trump to sign the bill into law.