Bitcoin Slumps to $75K Amid CLARITY Act Setback and Fed Uncertainty
Bitcoin dropped to around $75,000 on Wednesday after the U.S. Senate's failure to advance the CLARITY Act, a setback that weighed heavily on the largest cryptocurrency.
The immediate shock came from Washington, where the Senate voted 49-50 on Tuesday on a procedural motion to advance the bill, falling short of the required 60 votes.
Bitcoin fell about 4% after the vote, while crypto-linked stocks including Coinbase also moved sharply lower. The selling continued into Wednesday as traders waited for the Federal Reserve's interest-rate decision, which is widely expected to be a 25-basis-point rate hike.
The 10-year U.S. Treasury yield recently moved above 5%, its highest level since 2007, keeping pressure on risk assets and adding further selling pressure to Bitcoin.