Bitcoin Holds Steady at $77,406 as Clarity Act Vote Looms

Bitcoin prices steadied at $77,406 on Tuesday as investors awaited a key vote in the US Senate on the Clarity Act. The act aims to establish a regulatory framework for cryptocurrencies and has been widely backed by crypto proponents.

The Senate is set to vote on the Clarity Act today, with Republican senators racing to secure Democrat support for the legislation. According to Senator Cynthia Lummis, President Donald Trump has agreed to a new ethics provision in the act that would block insider trading by federal officials.

However, disagreements remain over aspects of the act, including its treatment of yield payments on stablecoins and the division of digital asset regulation between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In broader crypto markets, prices were mostly lower, weighed down by growing risk aversion as US Treasury yields hit near two-decade highs. Oil prices rose further due to tensions in the Middle East.