Crypto Legislation
Bitcoin plunges below $80,000 in major liquidation event
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Bitcoin fell to a nine-month low below $80,000 on January 31, 2026, triggering over $2.5 billion in liquidations across crypto markets. Analysts attribute the crash to liquidity issues and extreme leverage rather than geopolitical tensions or Federal Reserve actions. The downturn erased $111 billion from the total crypto market value in 24 hours.
Momentum for a comprehensive regulatory framework for cryptocurrencies has slowed in the U.S. Senate, reducing chances of passage this year. Ohio Republican Sen. Bernie Moreno, a former crypto entrepreneur leading negotiations, highlighted disputes over stablecoin rewards as the primary obstacle. This follows last July's GENIUS Act, which regulated stablecoins but left broader crypto oversight unresolved.
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A White House summit on February 2, 2026, aimed to bridge gaps between banking and crypto industries over stablecoin rewards but ended without agreement. Patrick Witt, the president's digital assets adviser, emphasized that ethics provisions targeting President Trump remain unacceptable. Negotiations continue amid Democratic demands for stricter rules on officials' crypto involvement.