Bitcoin slid below $73,000 on May 28, hitting lows around $72,800 to $72,900, a decline of roughly 3.4% to 3.6% in just 24 hours. The drop came even as former President Trump continued lobbying hard for the Digital Asset Market Clarity Act, a bill that would give crypto its most comprehensive federal regulatory framework to date.
What triggered the sell-off
The immediate catalyst was US airstrikes on Iran, which sent shockwaves through risk assets broadly. Between $900 million and $1 billion in crypto liquidations hit within 24 hours.
Spot Bitcoin ETFs saw heavy redemptions. BlackRock’s IBIT recorded a $448 million single-day outflow, marking the second-largest daily redemption since the fund launched. Total IBIT outflows through mid-to-late May exceeded $1.5 billion.
The CLARITY Act and why Trump keeps pushing it
