Bitcoin Price Holds Ground as Fed Rate Hike Looms

Bitcoin's price has stabilized around $75,500 after experiencing volatility following the failed passage of the CLARITY Act in Congress. The bill's failure led to over $140 million in liquidations, with long bets topping $110 million.

The market remains uncertain ahead of the Federal Reserve's rate decision, which prediction markets expect will be a 25-basis-point hike based on recent jobs and inflation data.

Industry heavyweights like Michael Saylor downplay the significance of the failed bill, stating that progress need not wait for Congress. He expects regulators to advance rules under existing law and banks to expand Bitcoin custody and loans against it.