Bitcoin Price Tumbles 4% Amid Regulatory Bill Setback and Rate Hike Fears

The Bitcoin price dropped by 4% in US trading and stabilized at around $75,900 as of 8 a.m. in London.

This decline came after the US failed to advance a key crypto regulatory bill, weakening industry sentiment ahead of a potential Federal Reserve interest-rate hike.

The combination of regulatory developments and monetary policy puts the market backdrop under pressure.

Crypto assets were also weaker after steep declines during the US session.