The CLARITY Act’s failure to secure enough votes in the U.S. Senate is unlikely to end the cryptocurrency bull market that has continued since July, Bitwise Chief Investment Officer Matt Hougan said in a memo dated the 16th. The bill received 49 votes, below the 60 needed for passage. All Democratic senators opposed it, while some Republicans also voted against it. Hougan’s analysis compared Bitcoin prices with the bill’s probability of passage and highlighted an inverse correlation between the two, while pointing to a shift in regulatory initiative toward U.S. authorities.