U.S. lawmakers are on the brink of a landmark crypto vote that some of the biggest crypto companies have called "crucial" for the future of the U.S.

What Happened: World's largest cryptocurrency, Bitcoin slipped below $62,000, failing to sustain its gains from the previous trading day. The market dip triggered $144 million in liquidations in the last 24 hours, with long liquidations touching $114 million. Bitcoin led the pack with $39.5 million in liquidations.

Bitcoin has seen tremendous spike in the prices this year after the approval of Bitcoin ETF. The price of Bitcoin in the past one year has doubled to reach around $ 64.9k from $27.0k. Earlier, it touched all-time high about $71k one month back.