Bitcoin Slumps on Regulatory Setbacks and Looming Fed Hike

Crypto markets are facing renewed pressure due to the US's failure to advance a key regulatory bill, which has added to the woes of investors ahead of a potential interest-rate hike from the Federal Reserve. Bitcoin, which fell 4% in US trading, declined further in Asia before stabilizing at around $75,700 in Singapore. The broader cryptocurrency market was also weaker in early Asia trading after steep declines in the US.

The lack of progress on the regulatory bill has hurt industry sentiment just ahead of a potential interest-rate hike from the Federal Reserve. Bitcoin's price drop is a reflection of the market's uncertainty and volatility. With the Fed's decision looming, investors are likely to remain cautious.