Bitcoin Falls Below $77,000 as Macro Conditions Intensify

Bitcoin's price took another hit, falling by around 1.5% in the past day and trading at roughly $77,000.

The decline came as macroeconomic conditions tightened their grip on the crypto market, with hotter U.S. inflation and surging oil prices combining to create a difficult environment for risk assets.

U.S. equities also moved lower as investors rethought their outlook for Federal Reserve interest rates.

The CLARITY Act, however, took another step forward in Washington, with Senate Republicans releasing revised text following negotiations over the August recess.