According to CoinMeta, and as reported by Coindesk, after the Federal Reserve of the United States raised interest rates and the Senate rejected Clarity Act, Bitcoin stabilized around $75,000. Within 24 hours of the Senate's vote, long positions in the cryptocurrency market were liquidated for $571 million. The stock prices of Coinbase and Circle tumbled by 10% before rebounding. Analyst Ilya Kalchev stated that Bitcoin is expected to continue to fluctuate within a narrow range in the short term; a break above $80,000 could open up upward momentum, while a fall below $75,000 would put its recovery at risk.