Shares of Circle, the issuer of a stablecoin pegged to the dollar, plunged 20%, sending cryptocurrency prices down across the board.
As of 8 a.m. on the 25th, on CoinMarketCap, a global cryptocurrency price tracking site, bitcoin was down 0.66% at $70,294. Bitcoin at one point fell to $68,920.
Ethereum, the No. 2 by market capitalization, was down 0.45% at $2,143. Solana fell 1.32% to $90, and Ripple was down 1.25% at $1.41.
On the 24th (local time) at the New York Stock Exchange, Circle closed down 20.11% at $101.17. This was the first such drop since Circle's listing.
News that the Clarity Act, a cryptocurrency regulation bill being pushed in U.S. politics, could limit stablecoin interest payments weighed on sentiment. Shares of Coinbase, a cryptocurrency exchange that mainly handles the coin issued by Circle, also fell 9%.