Bitcoin Slumps Amid Regulatory Stalemate and Fed Hike Fears

Crypto markets are under renewed pressure following the US's failure to advance a key regulatory bill. This has added to the woes of Bitcoin and other cryptocurrencies, which were already facing uncertainty ahead of a potential interest-rate hike from the Federal Reserve.

Bitcoin fell 4% in US trading, leading to further declines in Asia before stabilizing at around $75,700 in Singapore. The broader cryptocurrency market also experienced weakness in early Asian trading after steep declines in the US.